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CoinDesk Podcast Network
UNCHAINED: Friend.tech | The Legal and Tax Ins and Outs of This Year’s Hottest Crypto App
Sep 6, 2023
Legal and tax experts discuss the regulatory challenges faced by Friend.tech, a decentralized social media platform with a viral following. Topics include the classification of keys as securities, taxation implications, privacy concerns, and the future potential of the app.
53:04
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Quick takeaways
- Friend.Tech allows users to purchase keys as shares in chatrooms run by their friends, with the price of the keys increasing as more people buy into the room.
- The legal classification of keys as securities is debated, with arguments that they may not meet the criteria of resembling stock or fitting the Howey test.
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Overview of Friend.Tech
Friend.Tech is a social media platform that allows users to purchase keys or shares in chatrooms run by their friends. The price of the keys increases as more people buy into the room. The chatrooms are currently fairly basic, allowing for text-only communication, but additional features are being rolled out. The platform aims to provide a social experiment that includes self-sovereignty and a market process for connecting with others. The keys are treated as property for tax purposes, with gains or losses incurred upon purchase and redemption. The fees generated in the platform are subject to taxes as well.
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