Other news from Metaverse
What is crypto-bridging, and how does it work?
Crypto-bridging is the process of connecting different blockchains and enabling the exchange of cryptocurrencies, digital assets, and data across them. Crypto bridges allow different blockchain networks to communicate with one another and exchange assets and information. But how can crypto-bridging be of help to currency owners? It can be of help to owners of these currencies because it enhances... Read more
How bitcoin core v26.0 enhances the security and functionality of the Bitcoin Network
Cryptocurrencies are digital currencies that use cryptography to secure and verify transactions and control the creation of new units. Bitcoin is a type of digital currency that operates on a decentralized network without the need for intermediaries like banks or governments. Bitcoin transactions are recorded and verified on a public ledger called the blockchain, which ensures security and transpa... Read more
New document was uploaded: Tax treatment of mobile game sales and in-game purchases
Today, the video game industry is worth more than music and video streaming combined, with a value of $130 billion in 2018 and expected to become a $300 billion industry by 2025. With the rise of mobile games and easy access to those games through platforms such as Google Play or the App Store, the gaming industry has shifted from traditional retail of physical units to digital distribution and ap... Read more
Montenegro will introduce a law on cryptocurrency.
The Europe Now Movement (Pokret Evropa Sad) has announced that it will work with the world's biggest experts in the field of cyber security on a law that will protect the citizens of Montenegro and their capital from potential fraud in the crypto world. The president of the Europe Now Movement said that digital scams like Cheil Worldwide, Bitconnect, and more recently Terra were only stopped when... Read more
The EU's DAC8 proposal strengthens tax enforcement and reporting in the digital economy.
The European Union (EU) has put forward the DAC8 proposal, aimed at enhancing the detection and prevention of tax fraud, evasion, and avoidance. This legislative initiative aims to improve the ability of member states to combat these financial crimes. Additionally, the Organization for Economic Co-operation and Development (OECD) is working on a global crypto-asset reporting framework (CARF). Thes... Read more
European Union: VAT Committee publishes guidance on VAT treatment of NFTs
The European Union (EU) VAT Committee has published a working paper on NFTs, which sets out the current NFT ecosystem landscape and provides qualifying definitions of NFTs and related concepts that are currently undefined in existing EU regulations. The working paper also provides guidance on the VAT treatment of NFT transactions, which must be analyzed on a case-by-case basis to determine whether... Read more
Hong Kong Court declares cryptocurrencies as property
A Hong Kong-based court has recognized cryptocurrencies as property that can be owned and claimed, according to a ruling related to defunct crypto exchange Gatecoin. In the stated case, Judge Linda Chan reportedly said that crypto has property attributes. The court thought it was fine to follow the rationale applied by other jurisdictions: that crypto is property and can be subject to demand. T... Read more