UK Crackdown on Crypto Traders to Raise £315 Million by 2030
United Kingdom ministers have initiated a crackdown on crypto traders attempting to evade taxes on their profits. Digital asset holders, including those with Bitcoin, Ethereum, or XRP, are obligated to pay taxes on the profits generated from trading these assets, a rule that has been in effect for some time.
The new regulations stipulate that crypto traders will face fines of up to £300 if they fail to provide their personal details to the cryptocurrency service providers they use. This measure ensures that the correct amounts are paid to His Majesty’s Revenue and Customs (HMRC). The government anticipates that the new Cryptoasset Reporting Framework, set to take effect from January, will generate approximately £315 million by April…
