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Virtual tax. Virtual tax is a proposed USA tax on internet gamers for items bought or traded solely within the virtual world (Internet game worlds). [1] [2] [3] The tax on a transaction would be considered as if it were a purchase or sale (if real currency is involved) or barter (if not). Virtual property, on the death of the owner, would be ...
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual ...
Virtual currency. Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of ...
United States virtual currency law is financial regulation as applied to transactions in virtual currency in the U.S. The Commodity Futures Trading Commission has regulated and may continue to regulate virtual currencies as commodities. [1] [2] The Securities and Exchange Commission also requires registration of any virtual currency traded in ...
The online video game Second Life has its own economy and a virtual token referred to as Linden Dollars (L$). In the SL economy, users (called "residents") buy from and sell to one another directly, using the Linden, which is a closed-loop virtual token for use only within the Second Life platform. Linden Dollars have no monetary value and are ...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
History. PlayerAuctions started in November 1999 as an auction hosting platform for MMORPG players interested in digital asset trading. The buying and selling of in-game assets such as virtual currency is also a practice known as "real money trading" or RMT. On 1 April 2004, the site was purchased by IGE. In July 2007, PlayerAuctions was taken ...
BitLicense. A BitLicense is the common term used for a business license for virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies. [1] [2] [3] The regulations are limited to activities involving the state of New York or a New York resident.