Forum Contribution: Speculative Crypto-Assets and VAT: Why It Is (Almost) All Exempt.

Following the judgment Hedqvist in 2015, it appeared settled that cryptocurrencies fall within the same (Value Added Tax) VAT exemption as their more traditional counterparts. Discussions however have recently emerged around Non-Fungible Tokens (NFTs), for which an exemption appears not to be in reach. The article argues that a re-evaluation is now necessary. Most crypto-assets have proven themselves to be useful, and in fact used, predominantly for speculative purposes only, i.e., as high risk investments which might generate significant returns or losses. As such, the paper argues that cryptocurrencies and other volatile NFTs should be placed on the same footing, and discusses whether they are not in fact properly classified as ‘other securities’. VAT, Crypto, Bitcoin, Ethereum, NFT, Exemption, Financial Services