Bitcoin24h $63,135.05+0.15%

Ethereum24h $1,704.63-0.29%

BNB24h $580.65+0.19%

XRP24h $1.13-1.70%

Solana24h $69.08-1.02%

TRON24h $0.3227+0.89%

Hyperliquid24h $70.31+2.56%

Dogecoin24h $0.0829-0.33%

UNUS SED LEO24h $9.53-1.21%

Zcash24h $449.42-1.19%

UK crypto traders could face £900 fine if they don’t file taxes this month

HMRC has reminded UK crypto traders to pay taxes when they receive crypto as part of a trade or via income from crypto-related activities.

Genesis eyeing tax benefits after blocking DCG sale

Genesis stands to benefit from $700 million of “federal net operating loss carryforwards,” if DCG keeps hold of at least 80% of the firm.

The UK gov’t wants to know how many times a crypto asset has been transacted, how much it cost, what exchanges were used, and any profits.

The UK’s 40% tax rate means that £100,000 in inherited crypto could still incur a £40,000 bill, even if bereaved families can never spend it.

An IMF working paper highlights how the pseudonymous nature of cryptocurrency presents problems for tax collection.