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wildstarsale Bitcoin vs WoW Gold: Why Aren¡¯t Cryptos Treated Like In-Game Currencies?

Disclaimer: This article does not constitute a legal opinion, tax advice, or official reference material for tax purposes.

Taxation is currently a hot topic in the cryptocurrency ecosystem, with market leading cryptocurrency broker Coinbase announcing that it has been legally obligated to turn over information on approximately 13,000 users to the United States Internal Revenue Service. The looming presence of the tax-man has catalyzed a strong fear response in many investors, but has also sparked an interesting discussion: why is cryptocurrency taxed, while other digital currencies ¡ª such as World of Warcraft gold, or FarmVille ¡°Farm Bucks¡± overlooked by the IRS?

The recent release of Coinbase customer records to the IRS is the latest development in an international taxation crackdown on cryptocurrency, with the tax authorities of both Australia and the UK announcing upcoming investigations into Bitcoin-related tax fraud.

The question raised by many cryptocurrency investors in response to the ongoing tax crackdown is this: what makes cryptocurrencies different ¡ª from a legal perspective ¡ª than any other digital asset issued within a video game such as World of Warcraft, Second Life, or Farmville?

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