The taxman is waiting around the blockchain corner

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.