With the crypto market on full display, particularly the trade in NFTs for often staggering amounts of money, tax authorities globally have raised their eyebrows to the potential tax implications of the NFT market, notes Baker McKenzie Johannesburg.

Before looking at the taxation of NFTs, it is important to understand

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The Chinese government published a draft regulation on Dec. 31 stating that no organization or individual is allowed to provide internet marketing for illegal financial activities, which include cryptocurrency transactions.

Fast facts

  • The regulation, drafted by the People’s Bank of China — China’s central bank — and other Chinese government
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