The UK Steps up Crypto Crackdown with Foreign Gathering of Customer Data

The UK Steps up Crypto Crackdown with Foreign Gathering of Customer Data

(Decrypt) UK tax authority is stepping up the crypto crackdown by gathering customer data from home and overseas exchanges.

The tax authority, Her Majesty’s Revenue, and Customs is already requesting data from overseas tax authorities, as per international law.

Gathered data relates to both one-time and regular crypto exchange users and is in the form of names and addresses.

The frequency of transactions and crypto holdings is part of the information the UK regulator is seeking.

Crypto assets, including any profits and cryptocurrency obtained from mining, payment for services, and airdrops, incur a tax in the UK.

Experts now raise the concern of the industry’s ability to build compliance, with HMRC’s actions interpreted as a wider crypto crackdown rather than tax gathering.

BTCUSD is down -3.00%, ETHUSD is down -0.81%.

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