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, the BBC reported.
The changes come as the UK's financial watchdog continues its consultation on tougher regulation for the cryptocurrency industry. These measures include efforts to prevent insider trading.
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