Crypto tax evaders to face fines in the United Kingdom
United Kingdom ministers have launched efforts to crack down on crypto traders who try to evade payment of taxes on their profits. Holders of digital assets like Bitcoin, Ethereum, or XRP are expected to pay tax on profits generated from trading the assets, a rule that has been in place for a while.
Meanwhile, under the new rules, crypto traders will face fines of up to £300 if they fail to provide their personal details to the cryptocurrency service providers they use to make sure they are paying the right amounts to His Majesty’s Revenue and Customs (HMRC). The government expects that the new crypto tax rule, which is known as the Cryptoasset Reporting Framework and would take effect from January, to raise about £315 million…
