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Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis, [1] known for its in-game economy [2] which uses Ethereum-based cryptocurrencies. [3] It has been called 'a pyramid scheme that relies on cheap labor from countries like the Philippines to fuel its growth.' [4]
The law on cryptocurrency transactions must comply with the anti-money laundering law; and measures to protect users investors. The Payment Services Act defines "cryptocurrency" as a property value. The Act also states that cryptocurrency is limited to property values that are stored electronically on electronic devices, not a legal tender ...
A subset of these games are also known as play-to-earn games because they include systems that allow players to earn cryptocurrency through gameplay. Blockchain games have existed since 2017, gaining wider attention from the video game industry in 2021. Several AAA publishers have expressed intent to include this technology in the future ...
Of course, you could just as well have a tax loss, if the value of goods, services or real currency is below your cost basis in the cryptocurrency. In either case, you’ll have to know your cost ...
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The tax form typically provides all the information you need to fill out Form 8949. However, crypto exchanges may not provide a 1099, leaving you with work to do, though the best crypto brokers ...
The Crypto-Asset Reporting Framework (commonly referred to as CARF) is a global initiative led by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes which is intended to promoted the automatic exchange of information between countries to tackle emerging tax evasion risks related to cryptocurrency and digital assets.
That means that you need to be able to state the “cost basis” for the cryptocurrency — i.e. what you paid for it — so you can determine how much value it gained while you owned it.