Taiwanese Crypto Trader's 6-Cent Fee Leads to $310K Win in Tax-Receipt Lottery

Luck and leverage are key elements of many a crypto trader's success. Sometimes, though, all it takes is luck.This particular trader didn’t dive deep into some small-cap token that went to the moon, but rather has his fortune because MaiCoin pays its taxes..” Retailers that make over a certain amount in revenue are required to give the customer an official receipt, and an electronic copy of the receipt is sent to tax authorities.

This receipt doubles as a lottery ticket number, and every month, the authorities run a draw for a series of cash prizes, starting with the grand prize of 10 million NTD . For MaiCoin, every time a trade is made on its platform, the profit on the spread it makes and the service fees it collects are a taxable event; therefore, its top traders might have dozens, if not hundreds, of these virtual receipts.in the 1950s as a way to incentivize tax compliance by downloading the enforcement to the consumer. People making trivial daily purchases, such as

While tax authorities around the world struggle with how to capture tax revenue from crypto, Taiwan might have found a solution in a decades-old scheme. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

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