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 recent changes that took effect on January 1. 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 begin automatically collecting information on all users of cryptocurrency exchanges, which are considered the industry's banks. This initiative aims to collect tens of millions in unpaid taxes.
The change coincides with the ongoing consultation by the UK's financial watchdog on implementing stricter regulations for the cryptocurrency industry. These measures include efforts to prevent insider trading.
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