Creates Japan's first automatic profit and loss calculation for blockchain games by supporting all games and apps on Oasys
pafin Inc. (Co-chairman: Amin Azmoudeh and Gaku Saito), which operates the leading cryptocurrency profit and loss calculation service cryptact, has partnered with the GameFi blockchain Oasys, and now supports the Oasys Hub-Layer (Layer 1) and all Verses (Layer 2). This collaboration has also created Japan's first (*1) automated profit and loss calculation for blockchain games (hereinafter referred to as "BCG").
Background of the collaboration: The globally expanding GameFi market and the requisite development of tax payment systems
The GameFi market, which incorporates the concept of earning within games and the mechanisms of DeFi (Decentralized Finance), continues to see significant global growth. The market size, which was approximately 9 billion dollars in 2021, is predicted to grow at a CAGR of 27.13% and reach 38 billion dollars by 2028(*2).
In line with this market growth, Japan's National Tax Agency released guidelines in January 2023 related to rewards in BCGs. According to these guidelines, rewards earned from BCGs are generally classified as miscellaneous income and are subject to income tax. To file taxes correctly, it is necessary to calculate profit and loss from transactions and accurately understand the annual profit or loss amount. Sources of income within the games, such as play rewards, buying and selling NFTs, and renting NFTs, are diverse, and managing the details of these transactions individually is currently burdensome.
To address this issue, cryptact now supports the Oasys Hub-layer (Layer 1) and all currently operational Verses (Layer 2). By simply entering a wallet address, cryptact will automatically import transaction histories for all Dapps, including games, on Oasys and will calculate profit and loss. Additionally, pafin Inc.’s “Web3 Sidekick” service defitact also supports Oasys, allowing users to visualize their portfolios within the Oasys ecosystem. These services aim to simplify the complex asset management and tax procedures for users and assist in the accounting processes required for game operators.
Footnotes
(1) As of November 2023, according to research conducted on domestic cryptocurrency profit and loss calculation services.
(2) Business Research “GameFi Market Size”
About Oasys
Oasys is a blockchain project specialized in games with the concept of "Blockchain for Games." Its initial validators (chain operators) consist of over 20 major gaming companies and Web3 enterprises, including Bandai Namco Research Institute. The blockchain has also adopted an environmentally friendly PoS (Proof of Stake) consensus algorithm.
Oasys's unique architecture aims to provide a comfortable gaming environment by offering free transaction fees and faster transaction processing for BCG users.
Website: https://www.oasys.games/
X(EN): https://twitter.com/oasys_games
X(JP): https://twitter.com/oasys_japan
Discord: http://discord.gg/oasysgames
Telegram: https://t.me/oasysen
Joint Statement from the Representatives of Both Companies
Oasys Director Daiki Moriyama
Oasys aims to provide a better UX for BCG users and create an environment where BCG-related businesses can remove all the hurdles unique to blockchain and focus on creative development. Especially as cryptocurrency-related tax reforms progress, we recognize the significant need for both individuals and corporations to execute accounting for cryptocurrencies accurately and easily. By using cryptact, it is possible to significantly reduce the accounting burden for both users and business operators. We look forward to more Japanese users enjoying games on Oasys.
pafin Inc. Co-CEO Amin Azmoudeh
Over the course of the last three years DeFi has evolved at a breathtaking rate. While it started as an ecosystem for decentralized financial transactions, it has quickly grown to encompass transactions that deal with both content and experiences. GameFi and the creation of sustainable, storable value for each individual is a natural extension of this evolution. In partnering with Oasys, we seek to provide solutions that will both accelerate and foster this process.