The tax authorities focus on blockchain applications, including programs used for cryptocurrency possession and use, shareholder transfers, financial products, electronic wallets, and other electronic money transactions conducted on the Internet and the dark web.
Blockchain is a ledger and database that stores and verifies information using cryptographic methods, creating a continuous data chain. Any modification to an entry affects all subsequent entries. Blockchain platforms can be public/open or private/closed, similar to the Internet and intranets. Unlike other databases, blockchain maintenance isn’t managed by a central authority but by nodes—users who have installed the necessary software and can access and update the ledger.
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Initially, blockchain was designed to facilitate cryptocurrency transactions, like bitcoin, without intermediaries. Today, many businesses and public organizations are testing blockchain applications. The Independent Public Revenue Authority (IAA) has sought and received expertise from the US IRS specifically for these audits.
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