NFT

Puerto Rican Treasury Department Wants to Tax NFTs

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The Treasury Department of Puerto Rico published a document that modifies the “Sales and Usage tax” to include NFTs. Although this proposal is still being considered, experts believe that it validates the asset class and also addresses the challenges of applying this regulation.

Puerto Rico May Soon Tax NFT Sales

The Department of Treasury of Puerto Rico is focused on NFT sales. The organization released a newly proposed reform to the Sales and Usage Tax law last month that includes the concept of NFTs as a taxable asset class. The new amendment would also include NFTs in the Specific Digital Products group. It is

Digital audiovisual work transferred or delivered electronically, and digital audio works or other digital products provided that a purchaser has a digital code will be treated the same as any specific digital product, even digital products in token format, medium non-fungible, or “NFT”.

The amendment outlines the steps taxpayers must take to report NFT sales. It states that the details must include the source and addresses of buyers, if possible. This is the response of the country’s treasury to the rise of NFTs, which have seen billions in sales worldwide.

A Challenge to Apply

While analysts agree that NFTs should be recognized and included in the reform, many believe that the application of these rules to the Treasury department will prove difficult. This is the opinion of CPA Giancarlo Esquilin, who told local media that the current definition of the law project is not adequate. He said

It is difficult to apply the tax as there are many factors that determine where the buyer is. You don’t know who your buyer or where their bank account is for NFTs. It would be difficult to control.

Esquilin recognizes that Puerto Rico may be the first U.S. territory to consider NFTs taxable products. This could lead to other jurisdictions adopting similar regulations. Juan Pedreira, a tech analyst, stated that it is unclear how the Treasury will audit these sales. Pedreira stated that this process would not be as straightforward as the Treasury currently makes it appear.

What do you think about Puerto Rico potentially taxing NFT sales? Please leave your comments below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. He is a computer engineer by trade, and he lives in Venezuela. This has influenced him to offer a different perspective on crypto success and how it can help the underbanked and unbanked.

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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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VAST Completes Private Investor Round and Prepares to Launch First-Ever EngagementFi(tm), NFT Platform

press release

PRESS RELEASE. Miami, FL – VAST, the multimedia NFT marketplace that dropped the first-ever NFT sitcom featuring Snoop Dogg and The Harlem Globetrotters, has announced the completion of their strategic private investment round with leading blockchain venture capital firms: GHAF Capital, NGC Ventures, Skyman Ventures, Infinity Ventures Crypto, and Spartan Protocol.

The VAST backers consist of visionaries who are leaders in the blockchain space and whose portfolios make up much of the backbone for blockchain infrastructure. Huobi Ventures and Polygon Studios are the initial seed investors. Michael Jurkovac (VAST CEO and co-founder) says, “We are so grateful to our investors that support the future of VAST.” We are able to offer amazing experiences and opportunities for creators with their support

“As the metaverse phenomenon grows, the potential for VAST – and the celebrity metaverse it is creating, is huge,” Sandeep Nailwal, Co-Founder and COO of Polygon says.

The exciting news about the private round comes on top of VAST’s decentralized blockchain Polygon securing a credit-card integration to their platform. This is the first time for any platform on Polygon. This integration allows VAST users to easily buy MATIC, Polygon’s digital currency, with their credit card. They can also purchase NFTs using this integration.

VAST will now be able to finalize their next product, VAST EngageFi(tm), which is the first decentralized “Engage to earn” NFT platform. Creators will be able to drop NFTs and deliver value directly to their fans by using VAST EngageFi(tm). In the coming weeks, more details about VAST EngageFi(tm), will be revealed.

“VAST was one of my most exciting investments in the last three years,” states Hubertus Thunhauser, partner at GHAF Capital ,. “I can’t WAIT to see this platform, who cares so deeply about creating a better economic environment for artists, create a new rewards-ecosystem that includes creators, collectors, and media .”

ABOUT VASTx

VAST, the first premium multimedia platform to sell and buy rare NFTs, is now available. VAST was developed to help Creators, Influencers, and Brands build deeper engagement with their social network by launching NFT-Enhanced Content through online channels they own and control. VAST has generated more than 5 billion audited media impressions to date for content on its platform. This includes media from top sites such as ESPN, Vogue and Vanity Fair, GQ. Architectural Digest, Harper’s Bazaar, and GQ.

For more information about VAST, follow the project on Twitter and Instagram.

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Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him.

NFT Used as Collateral

A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre.

The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him.

The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly paid 180 ETH.

BAYC’s Rare Attributes

Detailing the NFT’s uniqueness, Rajkumar argued the collection is rare even among BAYC NFTs because it has attributes that enable the holder to create another exclusive series. Leveraging the NFT’s rarity and high value, Rajkumar was able to use the BAYC as collateral when borrowing.

In his arguments before the Singapore High Court, Rajkumar insisted his loan agreement with Chiefpierre stipulated he was not relinquishing ownership of the NFT. In the event he failed to pay back on time, Rajkumar would inform the lender who then had to provide a reasonable extension of the repayment period.

The agreement also specified that the lender could not exercise the foreclose option, Rajkumar argued.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT

Dvision Network Announces New Land Staking Feature to Bolster Virtual Plot Utility

press release

PRESS RELEASE. The Dvision Network has recently announced the new ‘LAND Staking Feature‘ in their Dvision Metaverse, with the development being finalized to present a new use case to the virtual plot owners. Officially, Dvision LAND NFT users can now stake their plot and receive DVG points or additional NFT items through the new LAND staking program. This is a crucial component of the entire project and its ecosystem as Dvision currently has about 10,000 LAND owners, as a result of 3 finalized rounds of the LAND Sales, eager to deliver fascinating and advanced content to Dvision World.

Important details to note

Dvision Network launched a new NFT staking solution to improve the usability of the digital plots, and the team has hence already completed three successful LAND sales across several platforms. Furthermore, over 10,000 LANDs have been sold through platforms such as Shopify, Binance NFT, OpenSea, and NFTb.

The LAND staking function, in fact, is the first utility to link to virtual plots before the formal launch. The ‘MetaCities’ will use the LANDs to eventually introduce content created by individuals within Dvision Metaverse.

What else is there to know?

The Dvision team created DVG (Dvision Gold) a new rewards program. This is a digital reward currency which is needed to improve PETs and allow consumers to use P2E (Play to Earn) in Dvision World. The staking period can be broken down into three stages: one month, three and six months. Users will get a higher payoff if they stake longer. ‘Random Building Boxes’ will also be distributed beginning with the 90-day staking period. There is no difference in the type of building. However, users will always receive one regardless of whether they open a random box.

It is worth mentioning Dvision Network’s technological advancements in recent times. They have integrated Coinbase Wallet and Bitski with Wallet Connect, Wallet Connect, and Fortmatic which allow their metaverse users to have a simplified and varied access to their virtual world. Dvision Network previously announced that they are going completely on-chain and integrating Filecoin and IPFS data storage solutions to securely store their data.

About Dvision

Dvision Network, a blockchain-enabled NFT network, aims to be the best in business. Dvision utilizes its VR technology to create a cutting-edge metaverse environment that is accessible to all users worldwide. Designers, companies and all users can enjoy a dynamic and rewarding metaverse experience. Visit Dvision’s website, Medium, Telegram and Twitter channels for additional information and frequent updates.

This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

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