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The taxman is waiting around the blockchain corner
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Non-fungible tokens – a market that has ballooned to US$44 billion (S$59 billion), has attracted fans such as singer Justin Bieber, who may soon face billions of dollars in taxes, say experts.
PHOTO: REUTERS
NEW YORK (BLOOMBERG) - It's one of the hottest corners of crypto - and now the US taxman wants its share of the profits.
Investors and creators of non-fungible tokens (NFT) - a market that has ballooned to US$44 billion (S$59 billion), according to Chainalysis data, and lured fans from singer Justin Bieber to Mrs Melania Trump - may soon face billions of dollars in taxes and rates as high as 37 per cent, according to tax experts.
