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Britain is tightening the tax net around cryptocurrency
The cryptocurrency market has swelled to an estimated $2.87trn, with Bitcoin’s value more than doubling in the past year. Yet for many coin holders, the question of tax liability remains as murky as a blockchain ledger viewed without the right keys. Britain’s tax authority, HM Revenue & Customs (HMRC), is determined to clear the fog. New rules will compel crypto service providers to report the earnings of their users directly to the government. The aim is to curb underreporting and close what officials see as a widening compliance gap. The stakes are not trivial: those who submit inaccurate details could face ... (full story)
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