RATE Group | UK’s Tax Authority Requests User Data From Crypto Exchanges: Report
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UK’s Tax Authority Requests User Data From Crypto Exchanges: Report

06 Aug UK’s Tax Authority Requests User Data From Crypto Exchanges: Report

Posted at 23:40h in Cryptocurrency News by

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The United Kingdom’s tax, payments and customs authority Her Majesty’s Revenue & Customs (HMRC) has reportedly requested that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion.

Crypto exchanges come under fire

According to fintech-focused media outlet Coindesk, industry sources said that the agency has sent letters to at least three crypto exchanges in the U.K., including Coinbase, eToro, and CEX.io, requesting that they provide lists of users and transaction data.

HMRC is reportedly aiming to cooperate with crypto exchanges in a bid to identify individuals who evade taxes. According to the cited sources, the agency will probably only go back two or three years:

“If they [HMRC] do only go back two or three years, I think the interesting thing here is, that the individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be…

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