For the taxman, going after crypto deals may be a tedious task

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The $2.2-trillion cryptocurrency market has gotten so popular that it caught the attention of the cash-strapped government at home.

Axie Infinity / Facebook

 

MANILA, Philippines – *Frederic, 30, is a government employee and a cryptocurrency trader on the side.

 

He initially invested P70,000 in early June to play a Pokemon-inspired game called Axie Infinity, one of the fastest-growing non-fungible token games in the market. In just two months, Frederic has already gotten his ROI and has since reinvested it to build a team of “scholars”, a term attached to people sponsored by players like Frederic to play a team of Axies on his behalf under a revenue-sharing scheme they agree to.

 

“At first, I was playing a scholar for a short time,” Frederic said in an online exchange. “I slowly built my team of scholars. It's a small group, though, just 4 of them, unlike other friends of mine who have more than 20 scholars.”

 

Full Story: https://www.philstar.com/business/2021/09/06/2125214/taxman-going-after-crypto-deals-may-be-tedious-task

 

-- © Copyright Reuters 2021-09-06