UK Users Will Be Penalized for Failure to Pay Cryptocurrency Taxes – DiarioBitcoin

According to A statement he published Revenue and Customs (British Revenue Agency), Residents must “Voluntarily disclosed” Any profits associated with trading and exchanging crypto assets, including cryptocurrencies such as Bitcoin, Ethereum And many more, in addition to non-fungible tokens (I am a boy) And other crypto assets.

as shown HMRC, The persons concerned must submit the corresponding tax return with the associated form. Users who have already submitted the due report will have 30 days to make the associated tax payments, and those who do not comply with this measure should face penalties, actions to recover the associated capital, and even criminal charges if necessary.

Refining approach to cryptocurrencies

Illustration from British Revenue Agency It was activated after several years of trying to create a center through which the taxes associated with cryptocurrency trading could be borne. The country’s Treasury published a guide years ago to guide users of these assets to pay their tax liabilities, and this year a specific form for preparing corresponding reports was introduced.

Beyond the tax aspects, the UK government published final considerations for regulation applicable to cryptocurrencies at a local level at the end of last month. In this sense, he noted that the first provisions will apply as a gradual introduction, while there will be more specific legislation at the beginning of 2024, especially regarding stablecoins.

Indeed, at the business level, UK Financial Conduct Authority (FCA) It also amended the regulations applicable to companies and entities working with cryptocurrencies, which must meet certain requirements and have a special license to be able to conduct their work.

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