BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Harvard Legal Scholar Proposes Immediate Taxation of the Metaverse

BlockNews Team by BlockNews Team
September 7, 2023
in CRYPTO, MEDIA, SOCIAL
Reading Time: 4 mins read
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit
  • Harvard scholar calls for prompt taxation of income earned in the Metaverse to prevent it from becoming a tax haven.
  • The Metaverse’s digital activity tracking gives governments a once-in-a-lifetime opportunity to upgrade tax systems and boost revenue liquidity.
  • The US government is urged to apply the Haig-Simons income theory to Metaverse income and recently proposed regulations to regulate digital assets and prevent tax avoidance.

According to a Harvard University scholar, the government should immediately apply taxes on income made in the Metaverse, potentially benefiting government revenue.

Christine Kim claims that not taxing the Metaverse will result in the establishment of a “tax haven.”

Metaverse Taxation Provides Governments With a Unique Opportunity

According to a recently published research paper by legal expert Christine Kim, governments should immediately impose taxes on Metaverse income, favoring it over other kinds of income. However, because Metaverse income is typically paid in bitcoin, the continuing taxation problem is exacerbated.

According to recent data, expenditure in the Metaverse has topped $120 billion. According to further study, it will have a global market value of $800 billion by 2024.

Kim contends that the immediate payments people receive in the Metaverse, whether through real estate transactions, gambling, or event planning, can help a country‘s revenue liquidity.

“The Metaverse’s ability to record all digital activity and track individual wealth can offer governments a unique opportunity to tax income immediately upon receipt,” Kim observes, adding that the Metaverse allows governments to “modernize the tax system.”

“Immediate taxation, such as a mark-to-market system, would be a more efficient and fairer approach so long as it could overcome intrinsic valuation and liquidity problems.”

Crypto Tax Developments in the United States

Kim notes that the United States government’s primary source of revenue is taxation. According to the US Department of Treasury, the United States collected $4.90 trillion in tax revenue, most of which came from individual income taxes.

She further posits that the Haig-Simons income theory should govern income earned in the Metaverse. According to this argument, all income, regardless of its source, should be subject to taxation:

“Wealth gains or increases over a specific period, regardless of whether spent on consumption or saved.”

The US Department of the Treasury and the Internal Revenue Service (IRS) announced regulations for selling and exchanging digital assets via brokers on August 25.

The regulations were enacted to crack down on people who evade paying taxes and subject brokers to greater reporting obligations comparable to those required for other securities and financial assets.

The draft rules will be available for public comment on October 30.

The IRS solicited public opinion on how to tax non-fungible tokens (NFTs) on March 21. They were primarily interested in determining if NFTs should be classified as “collectibles.” This might potentially subject long-term investors to a 28% tax rate rather than the usual 20%.

However, the comment time ended in June, and there have been no more announcements on the subject.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Crypto Regulationcrypto taxHarvard
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Shiba Inu Price Outlook: Can SHIB Break Free This Autumn?
CRYPTO

Shiba Inu Price Outlook: Can SHIB Break Free This Autumn?

September 3, 2025
Ripple Teams Up with Thunes: Cross-Border Payments Get a Blockchain Upgrade
CRYPTO

Ripple Teams Up with Thunes: Cross-Border Payments Get a Blockchain Upgrade

September 3, 2025
Ripple’s UN Backing Sparks XRP Hype and Bold Price Forecasts
CRYPTO

Ripple’s UN Backing Sparks XRP Hype and Bold Price Forecasts

September 3, 2025
HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back
CRYPTO

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

September 3, 2025
SEI Holds Steady but Faces Bearish Pressure Ahead
CRYPTO

SEI Holds Steady but Faces Bearish Pressure Ahead

September 3, 2025
Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40
CRYPTO

Hyperliquid Battles Whale Shorts as HYPE Struggles Near $40

September 3, 2025
Load More

Related News

Shiba Inu Price Outlook: Can SHIB Break Free This Autumn?

Shiba Inu Price Outlook: Can SHIB Break Free This Autumn?

September 3, 2025
Ripple Teams Up with Thunes: Cross-Border Payments Get a Blockchain Upgrade

Ripple Teams Up with Thunes: Cross-Border Payments Get a Blockchain Upgrade

September 3, 2025
Ripple’s UN Backing Sparks XRP Hype and Bold Price Forecasts

Ripple’s UN Backing Sparks XRP Hype and Bold Price Forecasts

September 3, 2025
HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

HBAR Struggles as Social Buzz Fades and Smart Money Pulls Back

September 3, 2025
SEI Holds Steady but Faces Bearish Pressure Ahead

SEI Holds Steady but Faces Bearish Pressure Ahead

September 3, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews