According to statement published by HM Revenue and Customs (UK Revenue Agency), residents must “disclose voluntarily” any profits associated with trading and exchanging crypto assets, including cryptocurrencies such as Bitcoins, Ethereum and many others, as well as non-fungible tokens (NFT) and other assets of a cryptographic nature.

As shown HMRC, The person concerned must make a Tax Return in accordance with the relevant form. Users who have made overdue reports will have 30 days to make the relevant tax payments, and those who do not comply with these measures will have to face sanctions, actions to recover the related capital, and if necessary, even criminal prosecution.

Refining the approach to cryptocurrency

Clarification made by UK Revenue Agency This comes after several years of trying to establish a position to shoulder the taxes associated with cryptocurrency trading. The state Department of the Treasury published guidance several years ago to guide users of these assets to pay their tax obligations, and this year special forms were provided to create related reports.

Beyond the tax aspect, the UK government published its final considerations on the regulations applicable to cryptocurrencies at the local level at the end of last month. In this regard, he indicated that the first provisions will apply gradually, while there will be more specific legislation at the beginning of 2024, especially related to stablecoins.

Already at the business level, that is UK Financial Conduct Authority (FCA) It has also adjusted the regulations that apply to companies and entities operating with cryptocurrencies, which must meet certain requirements and have their respective licenses to be able to carry out their work.