Tax considerations and bridge-building strategies in Web3 for investors, business operators, and regulators :: with Tela Andrews
In this episode of Ventures, my guest Tela Andrews (https://www.linkedin.com/in/telaandrews/) and I discuss all-things crypto taxes, bridge-building with regulators around the world, and his company Fyn (formerly https://bear.tax). We talk about how an efficient tax system in Web3 is good for everyone, what regulators need to know, what retail investors should be thinking about regarding their tax strategies, and how operators of businesses - especially CFOs - can efficiently run their books with crypto.
1:36 - Tee-up for the episode / why we’re having the conversation
1:53 - Tela’s Web3 story; how he got into it.
3:01 - Focused on two things - 1) why/how is web3 good for the world? 2) What are the projects that are willing to play ball with regulators out there?
3:58 - Origin story of Fyn
6:05 - What prompted the name change from Bear Tax to Fyn?
7:23 - What do consumer/retail investors need to know about Crypto taxes? (the basics – for both people operating businesses and people investing in crypto)
11:05 - What do the average people out there need to stay to their accountants who may not be up to speed?
12:32 - Should people be talking to their accountants right now to take losses? (not financial advice)
14:13 - No wash sale rules in crypto?
15:33 - Could be some advantages for some people to take some losses right now.
16:05 - USA regulators - if all of congress were listening to this episode…what do they need to know?
19:02 - Lots of money lost in tax inefficiency (https://home.treasury.gov/news/featured-stories/the-case-for-a-robust-attack-on-the-tax-gap – $6B annually)
20:58 - What is the medium to long-term vision for Fyn?
24:26 - For the businesses / nonprofits out there - - what advice does Tela have for CFOs out there accepting and working in crypto?
26:27 - What inspires Tela about Web3? What kind of world does he want to see? (a more efficient economy)
29:40 - Importance of the problem that Fyn is tackling
30:08 - Building bridges vs. burning them.
30:57 - Final thoughts. An opportunity to create an entirely new way to cooperate with governments.
32:11 - A note for Web3 product managers – take note how the Fyn team has done what they’ve done.