SPANISH VICOX LEGAL TO SELL ITS LEGAL SERVICES THROUGH NFTs

Vicox Legal, the law firm specializing in Blockchain technology and crypto assets, announces a pre-sale of tax advice and annuity services for its clients. This will be done through the offer of NFTs that will allow their holders to access the services on a preferential basis with discounts on the different advisory packages offered by the firm.

With regard to the constant growth in the volume of taxpayers who need to regularise their situation with the Tax Agency, as they are holding cryptoassets for the first time and have not previously filed a tax return, the firm has decided to reserve a limited quota of services for its clients, given the high demand that is being generated as the filing deadlines approach and the work capacity required to deal with this campaign. 

Taxpayers with earned income of €22,000 per year, or €14,000 per year from more than one payer must file an IRPF (Personal Income Tax) return, so a taxpayer with income below these amounts would not be obliged to file a tax return. However, those taxpayers with lower income than those indicated but who obtain gains from cryptocurrencies added to other income that exceeds 1,600 euros jointly in 2021, or losses of more than 500 euros, would be obliged to file a tax return this year.

The new Law 11/2021 of 9 July on the prevention of tax fraud has brought about an important change with regard to cryptocurrencies, specifically those held in other countries. Its main objective is to provide greater transparency in cryptocurrency transactions, establishing the obligation to report balances and holders of cryptocurrencies held in custody.

2021 INCOME TAX CAMPAIGN:

• 6 April 2022, online filing of income tax returns for 2021 is enabled.

• 27 June 2022, the deadline for tax returns with results to be paid in and directly debited.

• 30 June 2022, the deadline for income tax returns with a refund, or with a deposit, without direct debit of the first installment.

However, it will not be mandatory to report virtual currencies located abroad to the Tax Agency through Form 720 in this quarter of 2022. The obligation to report has been postponed to 2023, through the so-called Form 721, which is currently being developed and implemented by the AEAT.

Therefore, the firm’s decision to provide this service through NFTs, on the one hand, ensures its clients’ responsiveness to the demand for services and, on the other hand, adds value to the services, as only a select group of the firm’s clients will be able to have early access to them. In particular, a special series of the 150 NFTs has been reserved for customers who acquire them through the metaverse as the firm’s personal commitment to the decentralized universe.

To carry out this technological development, Vicox has had the support of the company Metasistant to validate and develop all the necessary elements for the implementation of the campaign with all the guarantees and to be able to focus on what is most important, which are the firm’s customers. Metasistant is a project that brings together professionals from different strategic sectors with extensive experience in the development of services and solutions in Web3 and metaverse, and where both Vicox and Observatorio Blockchain are partners.

As for the next steps, the firm says it is working on the generation of different projects through Vicox Lab, a pioneering innovation space in the legal sector, where, among others, projects based on the issuance of iNFTs are already being developed in collaboration with an international network of law firms from different jurisdictions dedicated exclusively to crypto-law.

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