On 8 December 2022, the European Commission proposed a text amending Directive 2011/16/EU on administrative cooperation in the field of taxation. DAC8 provides, among other things, the following: changes to the existing DAC framework, rules on advance cross-border rulings for high-net-worth individuals, and a crypto-asset reporting framework for competent EU authorities.
More and more companies are either building or considering building a presence in a metaverse. As metaverses continue to develop, they’re blending online multiplayer gaming, cryptocurrency, non-fungible tokens (NFTs), and virtual reality into a new immersive digital experience for their users. In this article, Baker McKenzie aim to provide a non-exhaustive overview of some high-level tax aspects to consider when expanding into the metaverse ecosystem.
The recent increase in value of cryptoassets as an investment class along with media coverage associated with high profile large investors has resulted in regulators warning investors to be cautious of the associated volatility risk. Against the background of these recent developments, we’re seeing increasing demand for legal advice in this area.