July 25, 2021

Revenue Service of Great Britain began to collect data from clients of foreign exchanges

The UK Internal Revenue Service (HMRC) began collecting information on clients of foreign cryptocurrency exchanges from foreign fiscal departments.


Decrypt writes about this with reference to the law firm Gherson Solicitors.

We are talking about the names and addresses of both permanent and one-time users of trading platforms. According to the firm, the department is also interested in information about the frequency of transactions and the total amount of assets.

“It may be news to some that they [HMRC]they do so in collaboration with authorities outside the UK and are effectively collecting data internationally, ”said Thomas Catty, attorney for Gherson Solicitors.

The firm added that exchanges have already passed information for 2017/18 and 2019/20, but HMRC has been asked for a “large amount of data” for the same periods. The names of the trading platforms were not disclosed.

In 2019, HMRC released a guide tocryptocurrency transactions. The service classified cryptocurrencies traded on exchanges as goods, specifying that taxes are levied on trade, mining, as well as the sale of goods and services for digital assets.

In March 2021, the department updated the recommendations and for the first time mentioned loans secured by cryptocurrency and staking.

In a survey, Bank Ziglu found that 11% of British adults are planning to purchase digital assets. Every tenth inhabitant of the country already owns them.