Following the publication of new crypto taxation guidelines by the United States Internal Revenue Services; the UK has followed suit by updating its cryptocurrency taxation regulation for individuals and businesses.
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The United Kingdom’s tax payments and customs authority, Her Majesty’s Revenue and customs; updated the policy paper taking a rather conservative approach. In fact, the policy stands in line with taxation guidelines from other countries. HMRC went ahead to explicitly state that it will not consider crypto as a currency, hence the policy paper adapted the term ‘crypto-assets’ rather than cryptocurrency.
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