Both the development and the legislation of blockchain / crypto are still in their infancy. This creates uncertainty.


Blockchain technology has gained popularity in a short time, leading to a tidal wave of developments and applications. With Bitcoin as a well-known example, there is now an economy of many different tokens, NFTs, decentralised finance companies (DeFi), decentralised autonomous organisations (DAO), and other initiatives linked to the blockchain. This new blockchain economy also brings with it new legal and tax issues. Our specialists have a head start in solving these issues due to their technical knowledge. In addition, our specialists have many years of experience in this field.

Qualification private crypto income

More and more private individuals are earning income with crypto currencies. This is possible by, for example, actively trading crypto currencies or NFTs, a more simple ‘buy ‘n hold strategy’, by mining/stealing cryptos, yield farming or by automated trading with a trading bot. The income generated is usually taxed in box 3, but in some cases in box 1. This is the case, for example, when the income is not speculative. The conclusion on this point may differ per source of income and therefore each source must be assessed on its own merits.

Businesses and cryptos

Enterprises may encounter issues related to cryptos in their own way. Below are some examples:

  • Compensation of employees in cryptos

More and more companies are compensating their employees in crypto currencies.

  • Issuing tokens

Issuing shares or taking out a loan are traditionally the methods for a company to obtain capital. Since the advent of blockchain technology, the issuance of tokens (via a Simple Agreement for Future Tokens, or SAFT) has joined in. Depending on the characteristics of the tokens, such an issuance is subject to corporate income tax and/or VAT. In addition, supervisory law aspects need to be taken into account.

  • NFT-sales

More and more artists, entrepreneurs and companies are developing so-called non-fungible tokens (NFT’s) or facilitating trade in NFT’s. NFT’s sometimes cover more than just an image and can include multiple utilities. Some examples of utilities are the access to special events, the possibility to receive or purchase virtual/physical products, memberships or receiving in-game items. Dutch VAT may be due on the issuance of NFT’s and in some situations even foreign VAT. For the exchanges where NFT’s can be traded, there are specific tax implications (including for VAT).

  • Taxation of DAOs

A decentralised autonomous organisation (DAO) is a company that operates on the basis of smart contracts recorded on the blockchain. The taxation of a DAO is highly dependent on the design of these smart contracts, which means that every situation can be different.

Why HVK Stevens

HVK Stevens has extensive expertise in the following areas:

  • The income tax qualification of income generated by holding or trading cryptocurrencies, trading bots, presales, NFTs, mining, cessation, yield farming, etc. in box 1 or box 3.
  • The corporate income tax and VAT aspects of holding and issuing cryptocurrencies / tokens / NFTs.
  • Setting up crypto investment structures.
  • Taxation of DAO’s.
  • Business structuring of DeFi projects.
  • Paying employees or getting paid in crypto.
  • Question letters from the tax authorities regarding the income tax return.
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