Crypto users forced to share account details with tax officials
Rachel ClunBusiness reporter
Getty ImagesPeople buying cryptocurrency in the UK now need to share their account details or face penalties, in changes that came into effect on 1 January.
The move by the UK’s tax body is designed to ensure they pay all relevant tax on buying and selling crypto, including capital gains tax.
HMRC will begin automatically collecting information on all users of cryptocurrency exchanges – which are effectively the industry’s banks – in a bid to start collecting tens of millions in unpaid tax.
The change comes as the financial watchdog continues its consultation on tougher regulation for the industry, including measures to stop insider trading.
The value of Bitcoin, which is often seen as a barometer of the entire…
