The control of tax corruption: evidence from nonfungible token market in China

Rahman, Jahidur Md; Jin, Yahan

doi:10.1108/jmlc-01-2023-0005

Cited by 6 publications

(6 citation statements)

References 29 publications

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“…With the increase in its use and value, the concern that NFTs can be used to launder illegal revenues has also increased (Mosna & Soana, 2023). As a matter of fact, Rahman and Jin (2023) suggested establishing tax control to develop the Chinese NFT market and eliminate tax irregularities. They emphasized that in this way, the legality of the transactions will be ensured, as well as their security.…”

Section: Literature Reviewmentioning

confidence: 99%

Human-computer interaction using artificial intelligence-based expert prioritization and neuro quantum fuzzy picture rough sets for identity management choices of non-fungible tokens in the Metaverse

Kou,

Dinçer,

Pamucar

et al. 2024

Preprint

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Necessary improvements should be made to increase the effectiveness of non-fungible tokens on the Metaverse platform without having extra costs. For the purpose of handing this process more efficiently, there is a need to determine the most important factors for a more successful integration of non-fungible tokens into this platform. Accordingly, this study aims to determine the appropriate the identity management choices of non-fungible tokens in the Metaverse. There are three different stages in the proposed novel fuzzy decision-making model. The first stage includes prioritizing the expert choices with artificial intelligence-based decision-making methodology. Secondly, the criteria sets for managing non-fungible tokens are weighted by using Quantum picture fuzzy rough sets-based M-SWARA methodology. Finally, the identity management choices regarding non-fungible tokens in the Metaverse are ranked with Quantum picture fuzzy rough sets oriented VIKOR. The main contribution of this study is that artificial intelligence methodology is integrated to the fuzzy decision-making modelling to differentiate the experts. With the help of this situation, it can be possible to create clusters for the experts. Hence, the opinions of experts outside this group may be excluded from the scope. It has been determined that security must be ensured first to increase the use of non-fungible tokens on the Metaverse platform. Similarly, technological infrastructure must also be sufficient to achieve this objective. Moreover, biometrics for unique identification has the best ranking performance among the alternatives. Privacy with authentication plays also critical role for the effectiveness of this process.

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Section: Literature Reviewmentioning

confidence: 99%

Human-computer interaction using artificial intelligence-based expert prioritization and neuro quantum fuzzy picture rough sets for identity management choices of non-fungible tokens in the Metaverse

Kou,

Dinçer,

Pamucar

et al. 2024

Preprint

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“…Because of the lack of regulation and the absence of intrinsic value, the value of a cryptocurrency can experience sudden and drastic fluctuations that can leave investors at a loss. In some cases, this can be because of fraudulent activities, such as pump and dump schemes or wash trading, where the value of a cryptocurrency is artificially inflated, only for the promoters to sell their holdings and leave the regulatory authorities puzzled to find the source and jurisdiction (Bani-Khalaf and Taspinar, 2023; Kshetri, 2022; Rahman and Jin, 2023). The anonymity of cryptocurrency transactions only adds to such risks.…”

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

“…Unlike fungible cryptocurrencies, such as Bitcoin, some crypto assets are unique and not interchangeable, as is the case for NFTs. These are digital assets representing ownership of digital content such as art (Bani-Khalaf and Taspinar, 2023; Rahman and Jin, 2023). Because NFTs are unique, they add complexity to the valuation process.…”

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

Accounting meets metaverse: navigating the intersection between the real and virtual worlds

Pandey

Gilmour

2023

JFRA

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Purpose The “metaverse” is the new buzzword. With the phenomenal growth of the metaverse comes accounting, taxation and jurisdictional challenges, which business and governments have yet to fully address. This paper aims to highlight and rationalise the lack of regulatory framework and multiplicity of jurisdictions on metaverse transactions. This paper addresses some of the complications with respect to accounting and taxation in virtual environments. Design/methodology/approach This study relies on secondary data and emerging literature to understand the multiplicity of jurisdiction and complexity of the accounting transactions. The concept of the metaverse is rapidly evolving, and this study uses extant literature to provide the foundation for understanding the key challenges relating to accounting and taxation. Findings Concepts of revenue recognition and deferment are challenged by the transactions in the metaverse. There are novel applications, underpinned by emerging technologies and blockchain supporting new crypto assets, such as non-fungible tokens and other decentralised finance (DeFi) tools; however, the caveats of anonymity and jurisdictional issues persist. The paper suggests that the industry must adapt to the unique reporting requirements of these assets and develop new standards for evaluating their value for financial reporting purposes. The paper emphasises the need for a case-based approach in the absence of standardised regulations for the accounting industry in the metaverse. Originality/value This paper adds original contributions to extant literature of the metaverse and advances ongoing debates into the accounting and taxation issues pertinent to the metaverse and DeFi.

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“…NFTs are a unique form of tradable crypto asset. They exist virtually within the Ethereum blockchain network, a decentralised ledger system secured through the computer process of cryptography (Rahman and Jin, 2023). Ethereum blockchain is vital to how NFTs function.…”

mentioning

confidence: 99%

“…Ethereum supports a broader range of applications and offers a more refined adaptation of the early blockchain that underpins bitcoin and other virtual currencies in that the Ethereum network supports smart contract functionality and can run various decentralised applications (Cho et al , 2023). NFTs are written within a smart contract – a computer-coded agreement programmed to execute automatically once certain predefined conditions have been met (Gilmour, in press; Rahman and Jin, 2023).…”

mentioning

confidence: 99%

Editorial: Non-fungible tokens: CryptoPunks and the art of wash trading

Gilmour

2023

JMLC

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The control of tax corruption: evidence from nonfungible token market in China

Cited by 6 publications

References 29 publications

Human-computer interaction using artificial intelligence-based expert prioritization and neuro quantum fuzzy picture rough sets for identity management choices of non-fungible tokens in the Metaverse

Human-computer interaction using artificial intelligence-based expert prioritization and neuro quantum fuzzy picture rough sets for identity management choices of non-fungible tokens in the Metaverse

Accounting meets metaverse: navigating the intersection between the real and virtual worlds

Editorial: Non-fungible tokens: CryptoPunks and the art of wash trading

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