Pagrindinis darbo tikslas buvo išanalizuoti esamą kriptovaliutų ir kriptožetonų teisinį reguliavimą pasaulyje ir atsakyti į iškeltą hipotezę, kad kriptovaliutomis prekiaujantys subjektai gali pretenduoti į PVM lengvatą. Tikslo įgyvendinimui buvo pasitelkta įvairių šalių įstatymų ir teismų praktikos, susijusių su kriptovaliutomis, analizė. Pirmoje darbo dalyje yra analizuojama pati „blockchain“ technologija, pateikiant jos apibrėžimą, aprašant kaip ji veikia, jos istoriją ir pritaikymo būdus. Taip pat yra apibrėžiami elektroniniai pinigai. Išskiriamos skaitmeninių, virtualių valiutų ir kriptovaliutų sąvokos. Taip pat yra duodamas ICO kriptožetonų apibrėžimas, aprašoma kada jie naudojami, koks jų veikimo principas, pritaikymas ir nauda. Antrojoje darbo dalyje yra analizuojamas teisinis kriptovaliutų reglamentavimas visame pasaulyje. Pradedama bandant atsakyti į klausimą ar kriptovaliutos ir kriptožetonai šiuo metu yra ir gali būti laikomi turtinės teisės subjektais ir kokia konkrečiai privatinės teisės rūšis juos sieja. Taip pat pateikiami kelių skirtingų JAV reguliatorių išaiškinimai iš kurių galima susidaryti bendrą polinkį interpretuoti visų rūšių kriptovaliutas kaip turtą ir vertybinius popierius, o ne valiutą. Vėliau analizuojama ES direktyva 2006/112/EB dėl ES bendros pridėtinės vertės mokesčio sistemos ir ESTT sprendimas byloje C-264/14 iš kurių matyti, kad Europos Sąjungoje „bitcoin“ ir kitos kriptovaliutos, kurias galima panaudoti kaip atsiskaitymo priemones, yra laikomos ekvivalenčiomis tradicinėms valiutoms ir gali pretenduoti į PVM lengvatą. Šioje dalyje taip pat analizuojamas ir kitų šalių teisinis kriptovaliutų reglamentavimas iš kurio tik dar labiau galima sustiprinti įspūdį, kad šiuo metu dar trūksta vientiso ir išsamaus kriptovaliutų reglamentavimo visame pasaulyje. Remiantis darbe atlikta analize, hipotezė, kad kriptovaliutomis prekiaujantys subjektai gali pretenduoti į PVM lengvatą buvo patvirtinta iš dalies, kadangi pagal dabartinį reglamentavimą pretendavimas į šią mokesčio lengvatą priklauso konkrečiai nuo šalies ir kriptovaliutos, kuria yra prekiaujama ir kiekvieną kartą apmokestinimas PVM turėtų būti sprendžiamas kaip naujas, atskiras atvejis.

„Blockchain“ technology has created a small revolution in the financial and legal world. Already, many people believe „Blockchain“ will be as impactful as the Internet. Originally built as the infrastructure underlying „Bitcoin“, it now seen as a very versatile and full of potential inovation. „Blockchain“ has very far reaching applications that can influence the way people interact in financial markets, as well as with artificial inteligence, computers and technology. Blockchain technology is the use of a distributed and decentralized ledger for verifying and recording transactions. The technology allows parties to send, receive, and record value or information through a peer-to-peer network of computers. In this way, the technology has the capability to grant highest levels of anonimity to its users. This is one of the selling points of the „Blockchain“ technology, but at the same time it creates many legal regulation challenges. This work mainly deals with the cryptocurrency regulation regarding VAT exemption in different jurisdictions. Main aim of the work was to analyze the current legal framework of cryptocurrency and tokens worldwide and to answer the hyphotesis that subects who deal in cryptocurrency trade should be eligible for VAT exemption. To achieve this, different legal frameworks, regulations and legal cases in relation to cryptocurrencies of many different countries were analyzed. Methods of the research were comparative analysis, document analysis and logical analysis. In the first part of the work, the „blockchain“ technology was analyzed by giving its definition and describing how it works, its history and different ways of technology‘s application in creating different platforms. In addition, the definition of electronic money is given. Furthermore, the definitions and differences of digital currency, virtual currency and cryptocurrency are highlighted. Also, in this part, the work gives description of Initial coin offering, tokens, when are they used, how they work and how they aim to profit both starting companies and ideas as well as the investors that buy them and what are the differences compared with Initial Public Offerings, where it is found out that the main difference between ICO and IPO is that the company does not have to be active for a few years and established to offer ICO tokens whereas it is a requirement to be able to „go public“ by offering IPO shares on an open market. Furthermore, the definition of VAT and ways to assess it are broken down. In the second part of the work the legal regulation of crptocurrency around the world is analyzed. Analysis begins with a research into whether cryptocurrency and cryptotokens can be considered as property rights in common law countries and if so, what do those right ought to entail. Next, various opinions and documents from United States of America regulators are analysed. Regulations of IRS, FinCEN, SEC, CFTC were reviewed and they show general direction of treating cryptocurrency as assets and not as a traditional legal tender. In addition, an impact of such an approach is assessed and it is concluded that it mostly harms daily users of cryptocurrency, because every transaction taxes the users seperately and it creates many obstacles for person to fill out his taxes, while long-term investors at Wall Street and other places will benefit from this approach. It also creates many possibilities for tax evasion and other criminal misconduct. Furthermore, European legislation is analysed. Two most important legal documents are EU directive 2006/112/EB and European Court of Justice case C-264/14. EU directive 2006/112/EB states that all the deals involving legal money and currency are subject to VAT exemption. ECJ case C-264/14 also clarifies that „bitcoin“ and other cryptocurrencies that can be used as a legal tender fall under this provision in the directive. However, how would the cryptocurrencies and tokens that are not typically used as legal tender be treated under the EU law is unclear. Since EU directives and ECJ court decisions are mandatory for member states, other EU countries are also implementing this into their law. Lithuania‘s VAT law is then analyzed and it is found out it also holds the provision, exempting deals made with legal money and currency from VAT while official commentary states that cryptocurrencies like „bitcoin“ are also included in the scope of the law. Also, in this part, other countries regulations regarding cryptocurrencies are reviewed that prove that here is still a lack of unified and clear approach to treating and regulating them in legal world and they are even banned in some countries like Russia and China in hopes of sustaining their weak yuan and ruble currencies. In conclusion, based upon analysis made in the work, an initial hyphotesis that subjects who deal in cryptocurrency trade should be eligible for Value Added Tax exemption was partly confirmed as according to the current legal regulations eligibility to this tax exemption is dependent on what country does the person deal cryptocurrency in and what kind of cryptocurrency is being traded as the legislation varies dramatically in different countries, there is no unified approach made woldwide and every such inquiry needs to be decided on a case-by-case basis.