Massively http://massively.joystiq.com Massively http://www.blogsmithmedia.com/http://massively.joystiq.com/media/feedlogo.gif Massively http://massively.joystiq.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[China legislates 20% tax rate on virtual currency profits]]>http://massively.joystiq.com/2008/11/03/china-legislates-20-tax-rate-on-virtual-currency-profits/http://massively.joystiq.com/2008/11/03/china-legislates-20-tax-rate-on-virtual-currency-profits/http://massively.joystiq.com/2008/11/03/china-legislates-20-tax-rate-on-virtual-currency-profits/#commentsFiled under: , , ,

While much of the world's gold farming activity is based in mainland China, the black market industry operates in violation of the law. Despite this, a large part of the problem in curbing illegal activities in China is that there's a substantial divide between what the law states is illegal and the actual enforcement of those laws. This may well be the case with the law passed last week by China's State Administration of Taxation, which will impose a personal income tax rate of 20% on profits made from virtual currency.

Juliet Ye at The Wall Street Journal's "China Journal" blog reports: "The policy would cover China's legions of online gamers, who can use online virtual currency to buy better equipment and new powers for their online warriors. But it also affects millions of others who use virtual currencies on instant-messaging services and Web portals." The widespread use of virtual currencies in China spurred last year's restrictions on exchanging virtual currency into RMB. If the new law becomes a reality rather than a technicality in the lives of China's internet users, it will be a substantial change in virtual economics in the country.

MassivelyChina legislates 20% tax rate on virtual currency profits originally appeared on Massively on Mon, 03 Nov 2008 20:00:00 EST. Please see our terms for use of feeds.

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Recent world events and their impact on global finance threaten to have dramatic consequences on the game industry. While an economic downturn isn't something to be taken lightly, it is unique in comparison with similar problems in the past -- now real world economic issues can potentially ripple into virtual economies, just as they certainly impact the companies who create MMOs and virtual worlds. CCP Games, founded in Reykjavik, Iceland, is a case-in-point.

There has been commentary and speculation among EVE Online's playerbase and in the media about how Iceland's economic woes may impact the game. The CEO of CCP Games, Hilmar V. Pétursson, (aka CCP Hellmar) addresses these concerns in his dev blog, "Born Global."

Continue reading CEO of CCP Games addresses EVE's continuity through turbulent times

MassivelyCEO of CCP Games addresses EVE's continuity through turbulent times originally appeared on Massively on Thu, 16 Oct 2008 17:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankbankingbanksbusiness-modelsccpccp-gamesccp-hellmardevdev-blogeconomyeveeve-64eve-fanfesteve-fanfest-2008eve-onlineeve64fanfestgbphilmar-peturssonhilmar-v-peturssonicelandiskmmo-industryreykjavikrmbsci-fistacklessiousdThu, 16 Oct 2008 17:30:00 EST