Amid the outcry over David Cameron’s tax affairs is the UK prime minister’s intervention in 2013 to block EU transparency rules regarding offshore trusts. It was decided that trusts should not be held to the same standards as companies when it came to making the end owners and beneficiaries publicly known.
But now the Panama Papers raise important questions as to whether trusts ought to be more open to public scrutiny. A major reason for this relates to fairness when it comes to paying taxes. Blockchain may provide a solution to this problem, enabling trusts to be more transparent, while ensuring the security of their holdings, too.
Interesting? – Read the full story at: – http://theconversation.com/how-blockchain-could-be-used-to-make-trusts-more-transparent-57456
The important part of this story is that complex legal structures such as Trusts can be merged into the blockchain. Smart contract technology can be very successfully applied in this area and other similar areas. The outcome is achieving the goals of a Trust or similar structure but with transparency and compliance…
This is a space that is developing and that we should keep en eye on..
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