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. These exchanges are considered the industry's banks. The move aims to collect tens of millions in unpaid tax, according to the BBC.
The changes coincide with ongoing consultations by the financial watchdog regarding stricter regulation of the cryptocurrency industry. These measures include efforts to prevent insider trading.
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