The taxman is waiting around the blockchain corner

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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.

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A version of this article appeared in the print edition of The Sunday Times on January 23, 2022, with the headline The taxman is waiting around the blockchain corner. Subscribe