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Thinking of Starting an iGaming Business? 💡 If you're considering entering the exciting world of iGaming, understanding offshore companies is crucial. 🌎 Why Offshore? Offshore companies offer numerous benefits, including: ▪️ Tax Efficiency: Optimize your tax strategy ▪️ Regulatory Flexibility: Operate in multiple jurisdictions ▪️ Asset Protection: Safeguard your business assets ▪️ Enhanced Credibility: Build trust and reputation Want to learn more? Check out our latest blog post to discover everything you need to know about offshore companies and how to set one up. https://lnkd.in/dxVf_NK4 DM us to talk to EGS Digital Services' specialists in offshore companies, bank and crypto account opening, compliance, gaming licensing and more! #igaming #offshore #business #onlinegaming #gambling #jurisdiction #companyformation #financial

Imagine a world where transactions happen at the speed of thought, commerce is borderless, and the only thing slowing things down is... taxes. 🤯 Yep, on-chain sales tax is about to become the biggest headache in Web3. That's why I wrote Navigating the NFT Sales Tax Maze: Wayfair 2.0 for Web 3.0 – your guide to staying ahead of the curve. https://loom.ly/67-PMhk

What happened in #gamblingregulation last week? Some highlights 👇 🇧🇷🇨🇴 Brazil 'Sin Tax' Advances, As Colombia VAT Plan Stalls: ℹ️ Online gambling groups in Brazil and Colombia have had contrasting fortunes in their lobbying efforts to avert new taxes being applied to the industry. ➡️ More: https://lnkd.in/eNQqEtsH 🇳🇴 Norwegian Regulator Wins Appeal Over Illegal Gambling Fines: ℹ️ The Norwegian Gambling Authority said that Tiergarten Marketing, operator of schpell .com, has lost its appeal against the regulator's cease and desist order, meaning the affiliate website will receive daily fines if it does not stop promoting illegal gambling in Norway. ➡️ More: https://lnkd.in/eH9H46Qe 🇺🇸 Online Casino Discussions Begin In Louisiana: ℹ️ A Louisiana Senate committee held its first conversations about potentially adding online casinos to the state’s gaming portfolio on Wednesday (December 11), while the state’s top gaming regulator said more cease-and-desist letters are coming for unregulated operators. ➡️ More: https://lnkd.in/epQjQrgY Plus, Vixio also reported on developments from: 🇫🇷 France 🇺🇸 Illinois 🇮🇪 Ireland 🇲🇽 Mexico 🇺🇸 Pennsylvania 🇦🇪 United Arab Emirates ... and many more. _____________________________ Gambling regulation is dynamic and complex. Need an easier way to understand the regulations in each jurisdiction, and to stay-ahead of the latest changes/developments? Message me to learn more about the Vixio GamblingCompliance platform! #gamblingcompliance #gamblingindustry #gambling #gaminglaw

On-Chain Sales Tax - the overlooked challenge that’s now impossible to ignore 🙄 You’ve probably heard of Sales Tax in traditional commerce - a consumption tax imposed by state governments. But in the digital assets world, it’s unfamiliar territory. 𝐍𝐅𝐓 𝐚𝐫𝐭𝐢𝐬𝐭𝐬, 𝐦𝐚𝐫𝐤𝐞𝐭𝐩𝐥𝐚𝐜𝐞 𝐟𝐚𝐜𝐢𝐥𝐢𝐭𝐚𝐭𝐨𝐫𝐬, 𝐚𝐧𝐝 𝐨𝐧-𝐜𝐡𝐚𝐢𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 are getting hit with state sales tax obligations, often without realizing it. The ethos of web3 is decentralization and pseudonymity. But guess what? Tax authorities don’t care. & it becomes a challenge for sellers to collect customer details like 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 to apply the correct tax rate. This week, we’re joined by Patrick Camuso, CPA, Managing Partner at Camuso CPA , a leading US crypto accounting and tax firm. 🇺🇸 Here's what you'll learn: ▪️ How Sales Taxes Apply On-chain ▪️ Challenges in Collecting Sales Taxes On-chain ▪️ 6 Steps for Compliance ▪️ Onchain Sales Tax Internationally (EU, India, Australia, New Zealand) 👉Link to Article - https://lnkd.in/e9S4qKeP 👉 If you’re currently looking for accounting & finance roles in the web3 industry, join our weekly newsletter - https://lnkd.in/dgSNMZ8v

Just because you’re conducting commerce on-chain doesn’t mean you can avoid sales tax obligations. Remember Wayfair? The internet couldn’t save them from sales tax. So why would Web3 be any different? 🤯 Don’t get caught in the NFT sales tax maze. My book has your roadmap. https://loom.ly/aUXxlF4

Web3 tax compliance is here. From state-level NFT tax rules to SaaS businesses and physical goods sold on-chain, sales tax exposure is real. Stay compliant and avoid audit risks by automating your processes.

💡 Understanding Sales Tax in Web3: What You Need to Know Web3 businesses like NFT creators and on-chain marketplaces are facing increasing sales tax obligations – and it’s often flying under the radar. If you're selling in the crypto space, here's what you need to know to stay compliant and avoid penalties. 💬 In this article on The Accountant Quits, Patrick Camuso, CPA shares: • The core concepts of sales tax in Web3 • The challenges of collecting on-chain sales tax • 6 steps to ensure compliance with state laws

Did you catch my latest article on The Accountant Quits? If you’re in the world of NFTs or on-chain commerce, sales tax compliance is essential! In my latest article, I break down how sales taxes apply on-chain and share 6 steps to stay compliant. And did you know I wrote a book on this topic? 📚 Navigating the NFT Sales Tax Maze dives deeper into on-chain sales tax compliance. Grab your copy on Amazon!

New Regulations: Only Authorized Operators Can Continue From October 1st, 2024, Brazil has implemented a significant shift in betting landscape. Under new law issued by Ministério da Fazenda , only companies authorized are permitted to operate in Brazil . The move is part of the broader effort to regulate the booming online betting industry . Until now, the industry operated in an unregulated space, with many companies offering platforms to Brazilian players without local authorization. New rules aim to bring structure and oversight to the sector, ensuring consumer protection, taxation and compliance with local laws. Key Aspects Immediate Halt for Unauthorized Companies: As of October 1st, any betting company that has not secured authorization must cease offering fixed-odds betting to Brazilian customers. This means they can no longer accept new bets or engage in promotions targeted at the Brazilian market. Deadline for Withdrawals: While unauthorized companies are barred from accepting new bets, they are allowed to keep their websites active until October 10th, solely for the purpose of allowing bettors to withdraw any remaining balances. After this grace period, these sites will be prohibited from operating within Brazil entirely. Consumer Protection and Taxation: The Ministério da Fazenda’s new regulations are intended to create a safer environment for Brazilian bettors by ensuring that only companies meeting certain standards can operate. These standards likely include measures for preventing money laundering, protecting personal data, and providing a fair playing field for consumers. Additionally, the government expects to increase its tax revenue from the sector by ensuring that all operators are fully compliant with Brazilian tax laws. Brazil’s online betting market has seen explosive growth in recent years, driven by the increasing popularity of sports such as football, basketball, and MMA, among others. The introduction of tighter regulations could provide much-needed oversight, but it may also lead to some companies exiting the market or consolidating with authorized operators. For Brazilian bettors, the immediate concern will be to check whether their preferred platforms are authorized and, if not, ensure they withdraw their funds before the October 10th deadline. The new legal framework signals the government's intention to tighten control over the industry and protect consumers from unregulated companies , a commendable initiative. The success of the new regulatory framework will depend on its enforcement and the cooperation of international platforms with Brazilian authorities. Many of the betting companies operating in Brazil today are based abroad, and how they respond to these new requirements will shape the future of the industry in the country. Recently Hazenclever Lopes Cançado, president of the Loteria do Estado do Rio de Janeiro (Loterj) declared : Rio de Janeiro is a “blue ocean” for regulated betting operators .

OpenSea, a leading NFT marketplace, is facing regulatory probes from the SEC, FTC, and tax authorities. The platform has also seen a decrease in NFT sales volume. As the crypto market continues to evolve, it's important to anticipate future regulatory challenges. Sales tax compliance is likely to be the next major hurdle for platforms like OpenSea which I've predicted over a year ago. With the growing popularity of NFTs, many states and municipalities are starting to impose sales taxes on these digital assets. This can create significant compliance burdens for marketplaces and individual sellers. It's essential for platforms like OpenSea to stay ahead of these regulatory developments and implement robust sales tax collection and reporting procedures. Failure to do so could result in hefty fines and penalties. As the first CPA to publicly warn the industry about the growing importance of sales tax compliance for NFT marketplaces and on-chain transactions, I'm here to help you navigate these complex regulations. If you're an NFT seller or marketplace looking to ensure compliance, contact Camuso CPA today for a consultation. We can help you: 👉Assess your current and retroactive sales tax obligations 👉Develop a compliance strategy 👉Implement robust automated sales tax collection and reporting procedures Don't let sales tax compliance become a surprise burden. Let us handle the complexities while you focus on growing your business.