Blockchain Tax Advisory

Blockchain technology, which is a distributed ledger system that enables secure and transparent transactions without intermediaries, has been attracting attention from various sectors and industries around the world. However, in Nepal, the legal and regulatory framework for blockchain technology and its applications, such as cryptocurrencies, is still unclear and underdeveloped.According to the Nepal Rastra Bank (NRB), the central bank of Nepal, all transactions related to or regarding cryptocurrencies are illegal in Nepal. In 2017, the NRB issued a notice that warned the public against the use of cryptocurrencies and stated that any involvement in such activities would be punishable by law. The NRB also arrested several people for allegedly running bitcoin exchange businesses in Nepal.