The United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals.
On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how businesses and individuals involved with cryptocurrency will be taxed.
Read more HERE
For now, it is just few government that are accepting cryptocurrency as money while majority of them would prefer to see it as a digital asset which is why they also became interested in it having known that people use it for speculative purpose more, so you see why they are not so much threatened by it as much as they are even threatened about the Libra project. On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how businesses and individuals involved with cryptocurrency will be taxed.
Read more HERE
It is for that reason that they became more interested in taxing it knowing completely well also that it could generate lots of money from them from the usage and from their trades that occurs through it. I see this s good move also, because it would not stop people from still using it as means of payment while the government should focus on the tax, before they know it, it will automatically become means of payment which would have been too late for them to stop it.
