UK’s HMRC Urges Crypto Exchanges to Submit Investor Information

Why are they interested?
– To collect tax!

Are they allowed to do this?
– Since transaction details can be fundamental data for imposing taxes, requests for transaction details are also within the authority of the HMRC.

How much records will be submitted?
– Transaction details for the last two or three years or so.

What about the people who made transactions before?
– They’re not going over those. Records of those who started trading in 2012 or 2013, when demand for cryptocurrency was low, will not be covered.

What’s happening in other countries?
– Last July, the U.S. National Tax Service also sent a message to more than 10,000 taxpayers asking them to “report their cryptocurrency and pay their taxes.”

Author Austin Mitchell Lewis

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