Legal Implications of Blockchain Technology for Tax Compliance and Financial Regulation

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Decentralized blockchain ledgers and automated smart contracts enhance tax compliance, reducing calculation errors while providing immutable audit trails.
User anonymity and cross-border transactions hinder taxpayer identification, complicating enforcement while raising systemic risk and money laundering concerns.
Review of financial regulation underscores urgent calls for international policy harmonization, balancing innovation in tokenized assets with market protection.

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Legal review reveals dual opportunities and enforcement risks of blockchain for tax systems, highlighting needs for regulatory adaptation.

Nembe et al. (2024) studied this question.

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Legal review reveals dual opportunities and enforcement risks of blockchain for tax systems, highlighting needs for regulatory adaptation.