Sat, June 15, 2024

U.S. Internal Revenue Service and Crypto Tax Reporting

U.S. Internal Service and online gaming

U.S. authorities, more precisely U.S. Internal Revenue Service (IRS), updated its webpage. This routine decision at first glance contains good news for online gamers. They removed parts of the crypto tax disclosure guideline which classified game tokens as cryptocurrencies.

The U.S. Government Accountability Office (GAO) stated that the IRS was not doing enough when it came to crypto tax laws.

Thus, game token owners do not have to worry about this topic. Game tokens operate within “closed” digital economies. Usually, gamers are using game tokens for in-game purchases. Sometimes, game developers can withdraw their tokens. Though, game companies already file such transactions under Form 1099.

Football clubs and crypto-related projectsFootball and fan tokens

Famous football clubs realized the importance of crypto-related projects. For example, the fourth most valuable sports team in the world partnered with fintech platform Chiliz.

The world-famous club FC Barcelona in cooperation with Chiliz created a blockchain-based token for the sports franchise.

Chiliz created Barca Fan Tokens for use on its social, mobile app called Socios.

The CEO and founder of Chiliz and Socios Alexandre Dreyfus commented on this news. According to Dreyfus, they are proud to launch the Barca token on the Chiliz blockchain platform. He referred to Chiliz’s Ethereum-based blockchain.

Several months ago, Chiliz began working on Socios. Moreover, 100,000 users tested this platform. Currently, the platform is no longer in the beta phase.

Fans will have the opportunity to receive this token as a reward for participation in Socios. Fans, as well as interested parties, will be able to spend the asset on products and events.

Italian football club Juventus and French football organization Paris Saint-Germain also have their tokens.

These assets will be priced against Chiliz’ native token CHZ.

As in the case of PSG and Juventus, Barcelona’s tokens are based on Chiliz’s Proof of Authority Ethereum-based blockchain as ERC-20 tokens.

Thus, crypto-related projects will help to make cryptocurrencies more popular, as millions of fans will learn about this industry.

YOU MAY ALSO LIKE

Stocks

Quick Look: Bilibili Inc. (NASDAQ: BILI) saw an 8.48% rise to $15.61,

Tractable raises $60M to grow in accident - robot recovery

Quick Look: Ray Kurzweil predicts significant lifespan extension and human-AI integration by

Gold

Quick Look: Gold (XAU) reached a record high in May 2024, with

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a

BROKER NEWS

Broker News

Zenfinex Reports Revenue Surge but Faces Operating Losses

London-based broker Zenfinex, now operating as Taurex, has exposed its fiscal year 2023 financial results, which paint a complex picture of its economic situation. Zenfinex’s Fiscal Overview Zenfinex Limited’s revenue hit £848,306, a significant