Great Britain publishes tax rules for cryptocurrency companies

Great Britain publishes tax rules for cryptocurrency companies

Regulators
November 4, 2019 by cryptorolling.com
263
The Royal Customs and Excise Administration (HMRC) last week published a new set of rules for the cryptocurrency business.
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The document provides information on how different tax categories will be applied to bitcoin and cryptocurrency transactions. According to the law, all cryptocurrency exchange and extraction activities will be subject to some form of tax.

The document states:

The amount of tax to be paid by the enterprise will depend on its income, expenses and net profit.

The document also states that cryptocurrencies like Bitcoin are not classified as money, shares or marketable securities. Thus, cryptocurrency transactions will not fall under the laws relating to securities and money.

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