Games that earn from playing attract different audiences and more minors within their communities. A phenomenon that disturbs authorities as well as guardians, as crypto taxation is questioned.
Will children soon be taxed for their play?
Crypto taxation remains varied and varied around the world. Although each country has its own recipe, going through strict taxes in France or flexible conditions in Germany, the popularity of cryptocurrency calls everything into question. In the land of human rights, the exchange association will try to ease taxes. Rising bank interest may force all governments to review their systems.
However, there is another phenomenon that poses a problem: the presence of children in the sector. Entrepreneur Adam Saville-Brown, head of Coinley Company, recently reported on the growing interest of minors in play-to-earn games. If the latter forces children to face the market too young, the accumulated losses can hurt their parents from a tax perspective.
Saville-Brown thus gives the example of one of his clients whose son accumulated more and more cryptocurrency to the detriment of his tax system.
This nine-year-old kid has been mining, stocking and creating tutorials on Youtube and TikTok, to the point that his dad had to bring him to my company to help manage the huge income he generates.
Excerpt from Adam Saville-Brown’s remarks at the Australian Crypto Convention
A question then arises: Should the state tax the cryptocurrency earned on the parent’s income? Minority status may soon no longer protect children from taxation. Regulations being introduced around the world will increase oversight of children’s crypto wallets What parent is obligated to pay additional taxes.
Are kids increasingly pushed into crypto?
Governments may be forced to make a special rule that will be imposed. In France, children who have earned more than 300 euros from game-based games may also be affected. Be that as it may, the issue of crypto taxation of minors may become a recurring problem. In fact, both children and teenagers seem to be increasingly drawn to art. Some kids are already making their own NFTs and tutorials for them are popping up all over the internet.
Crypto can, however, enter schools. According to a survey, more than 60% of parents interested in this sector want to educate their children there. This subject will then be part of the compulsory curriculum taught in all institutions. A fashion that could conquer Europe when the Crown Prince of Serbia also offered this.
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