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, or face penalties, according to the BBC. The new regulations, which took effect on January 1, are designed to ensure that individuals pay all relevant taxes on cryptocurrency transactions, including capital gains tax.
HM Revenue & Customs (HMRC), the UK's tax body, will begin automatically collecting information on all users of cryptocurrency exchanges, which it considers to be the industry's banks. This move is aimed at collecting tens of millions in unpaid tax, according to the BBC.
The changes come as the financial watchdog continues its consultation on tougher regulation for the cryptocurrency industry, including measures to prevent insider trading. The value of Bitcoin, which is often seen as a bellwether for the cryptocurrency market, has been volatile in recent months, underscoring the need for greater regulatory oversight.
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