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Tax Events In The Life Cycle Of Digital Tokens, Vincent Ooi
Tax Events In The Life Cycle Of Digital Tokens, Vincent Ooi
Research Collection Yong Pung How School Of Law
Digital tokens, or crypto assets, are digital financial assets based on distributed ledger technology. They come in a considerable variety of forms and have been used in a large number of different ways. Yet, relatively few tax laws of any jurisdiction mention digital tokens specifically. It is therefore necessary to consider how orthodox tax rules can be applied to transactions involving digital tokens. Given the broad range of forms which digital tokens and transactions involving them can take, this may appear to be a daunting task. A framework providing a rough guide on how to navigate this somewhat new area …
Virtual Worlds, Real Money: Tax Issues In The Metaverse, Vincent Ooi, Daryl Loy
Virtual Worlds, Real Money: Tax Issues In The Metaverse, Vincent Ooi, Daryl Loy
Research Collection Yong Pung How School Of Law
When it comes to the tax world, the starting point is that international tax law does not currently give any special status to a meta realm as a distinct jurisdiction. The metaverse is not a term of art recognised by tax law. However, what we are likely to see is a change in business models and behavioural patterns, leading to different kinds of taxable events becoming either more or less prominent. Tax law may not inevitably change but the tax issues of the day will.In this article, we highlight three broad business models that are likely to feature prominently in …