TaxDAO Shares ‘Web3 Tax Compliance Insights’ at CUHK Business School

On October 16, 2023, the Business School of The Chinese University of Hong Kong (CUHK Business School) invited Rebecca, a core member of TaxDAO, as a guest speaker for their "Leadership Development" course. Rebecca shared insights and experiences on tax compliance in the Web3 and cryptocurrency space. Rebecca is a Tax Director at a major multinational Web3.0 company and has worked for Big Four accounting firms as well as various multinational foreign and Chinese enterprises. She has extensive domestic and international tax experience, particularly in international tax compliance planning in the Asia-Pacific and Western markets, as well as international tax dispute resolution. TaxDAO, focusing on Web3 finance and tax organization, aims to facilitate constructive communication between the Web3 industry and regulators, eliminating information asymmetry.

"Leadership Development" is an elective course offered by CUHK Business School aimed at nurturing students' leadership and innovation capabilities through a combination of theory and practice, preparing them for their future careers. The course annually invites experts and leaders from various fields to share their experiences and insights, providing students with opportunities to engage with cutting-edge knowledge and industry trends.

Rebecca began by introducing the concept of Web3, highlighting its features such as decentralization, blockchain technology, and the derivatives of cryptocurrencies. Web3 empowers users with sovereignty over their own identity, digital assets, and more without relying on third-party platforms.

In discussing the importance of Web3 financial and tax compliance, as well as cryptocurrency taxation issues, she used Bitcoin as an example to illustrate how the Web3 industry is evolving at a pace far exceeding regulatory developments, leading to challenges and risks in financial and tax compliance. She pointed out that miners or cryptocurrency investors may face different tax requirements in different countries. Rebecca emphasized two criteria for determining tax obligations: tax residency criteria and the substance of the business criteria. She advised Web3 industry participants to familiarize themselves with the laws and regulations in their respective countries or regions and stay updated on policy changes in key areas related to cryptocurrencies.

TaxDAO supports the Web3 industry in financial and tax compliance through regular online and offline events, research reports, and consulting services. This course sharing session provided CUHK students and faculty with a platform to understand financial and tax compliance issues related to Web3 and cryptocurrencies, promoting exchange and understanding between academic viewpoints and practical knowledge. In the future, TaxDAO will continue to monitor emerging issues at the forefront of Web3 communities and financial and tax compliance, providing high-quality content and insights.

TaxDAO also welcomes collaboration with other academic institutions and social organizations to promote the dissemination and compliance of Web3 financial and tax knowledge.