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Her Majesty’s Office Of Tax And Customs (Hmrc) Requests Data From Clients Of Cryptocurrency Exchanges Both In Its Jurisdiction And Abroad, Writes Decrypt With Reference To The Law Firm Gherson Solicitors.

Recently, Hmrc, Using Its Powers, Has Launched The Collection Of Data From British Exchanges And Is Also Cooperating On This Issue With Foreign Colleagues. Crypto Assets Are Considered Personal Investments In The Uk And Are Subject To Applicable Taxation. The Same Goes For Mining, Staking, Airdrops, And Payments.

“for Some It May Come As News That They Are Doing This In Cooperation With The Authorities Of Other Countries And Are Indeed Collecting Data At The International Level,” The Firm Said.

Hmrc Confirmed That The Data Collected Includes The Names And Addresses Of Customers, And Even Those Who Have Used The Services Of Crypto Exchanges Only Once Are Included In The List. Also, The Department Is Interested In Information About The Frequency Of Transactions And The Total Amount Of Client Assets.

According To Gherson Solicitors, The Exchanges Have Already Provided Information For The Reporting Periods 2017/18 And 2019/20 In Accordance With The Established Criteria, But The Tax Authorities Did Not Stop There And Requested A “Data Set” For The Same Time Frame. The Names Of The Exchanges Are Not Shown In The Publication. Earlier, The Uk Financial Conduct Authority Warned Of The Unregulated Status Of Binance In The Country.

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