UK Crypto Users Now Required to Share Account Details with Tax Officials
London - Cryptocurrency users in the United Kingdom are now required to share their account details with tax officials, a change that took effect on January 1st. The move by HM Revenue & Customs (HMRC), the UK's tax body, is designed to ensure that individuals pay all relevant taxes on cryptocurrency transactions, including capital gains tax.
HMRC will automatically collect information on all users of cryptocurrency exchanges, which are considered the industry's banks, in an effort to collect tens of millions in unpaid taxes, according to the BBC. Failure to comply with the new regulations could result in penalties for crypto investors.
The change coincides with ongoing consultations by the UK's financial watchdog regarding stricter regulation of the cryptocurrency industry. These measures include efforts to prevent insider trading within the crypto market. The BBC reported that the consultation aims to provide greater oversight and protection for investors in the digital asset space.
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