According to CoinDesk, a trader on Taiwan's MaiCoin Max crypto exchange has won 10 million NTD ($310,000) in the country's monthly tax receipt lottery. The lottery, known as the 'Uniform Invoice Lottery,' requires retailers with a certain amount of revenue to provide customers with an official receipt, which doubles as a lottery ticket number. An electronic copy of the receipt is also sent to tax authorities, who then run a monthly draw for cash prizes, with the grand prize being 10 million NTD ($310,000).
MaiCoin, Taiwan's largest crypto exchange, is subject to this lottery system as every trade made on its platform generates taxable profit and service fees. As a result, top traders on the platform may have numerous virtual receipts, increasing their chances of winning the lottery. The scheme, first introduced in the 1950s, was designed to incentivize tax compliance by involving consumers in the enforcement process. This method may offer a solution for tax authorities worldwide struggling to capture tax revenue from the crypto market.