Key Points of the ITU Legal Talks ‘Paying in Cryptocurrency in B2B: Legal Standing and Practical Cases’
Key Points of the ITU Legal Talks ‘Paying in Cryptocurrency in B2B: Legal Standing and Practical Cases’
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IT Ukraine
On May 15th, an online meeting was held as part of ITU Legal Talks, organised by the IT Ukraine Association with the participation of legal partner — Alcor. The topic of the meeting was ‘Paying in Cryptocurrency in B2B: Legal Standing and Practical Cases’.
The speaker of the event, Oleksandr Sniadanko, Legal Adviser at Alcor, discussed the specifics of using cryptocurrency in inter-company transactions, legal risks, and international approaches to its regulation. Among the information shared:
Cryptocurrency in B2B:
It is already actively used in transactions between IT companies.
However, legally it is a complex structure: the nature of cryptocurrency in most countries is not equivalent to traditional payment methods.
Advantages of cryptocurrency payments:
Speed: Cryptocurrency transactions take 5–15 minutes, whereas traditional ones take 2–5 days.
Cost: Even considering the purchase of cryptocurrency through exchanges, transaction costs are often much lower compared to traditional transfers.
Automation of AML/KYC: Simplified processes due to integrated solutions on cryptocurrency exchanges.
Legal aspects:
Ukraine: Cryptocurrency is not a payment tool; taxation is complex and ambiguous. Individual entrepreneurs cannot include cryptocurrency in their income.
USA: Cryptocurrency is recognised as property; its use in B2B is possible but legally treated as barter.
EU (MiCA): General approaches are not fully unified; national legislation in each EU member state should be considered.
United Kingdom: Cryptocurrency is recognised as an asset with monetary value; its use in B2B is possible with proper legal arrangements.
Practical models of cryptocurrency payments:
Barter agreements: Cryptocurrency is used as an internal exchange medium.
Payment of fiat amounts in cryptocurrency: Settlement in stablecoins (USDT/USDC) with fiat currency fixation.
Recommendations for businesses:
Legally formalise contractual relations.
Use stablecoins to minimise volatility.
Work with reliable licensed exchanges.
Verify the jurisdiction of the counterparty.
Consult with lawyers and tax advisors.
Important! Thorough checking of contract terms and jurisdictional compliance is key to avoiding issues with tax authorities.
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