The UK HM Revenue & Customs (HMRC) has begun collecting information on customers of foreign cryptocurrency exchanges from overseas fiscal authorities.
This includes the names and addresses of both regular and occasional users of the trading platforms. According to the firm, the agency is also interested in the frequency of transactions and the total amount of assets.
"It may come as news to some that they [HMRC] are doing this in collaboration with authorities outside the United Kingdom and are actually collecting data internationally," said Gherson Solicitors lawyer Thomas Cattie.
The firm added that the exchanges had already handed over information for 2017/18 and 2019/20, but HMRC had requested a "large amount of data" for the same periods. The names of the trading platforms were not disclosed.
HMRC issued guidance on cryptocurrency transactions in 2019. The service classified cryptocurrencies traded on exchanges as goods, clarifying that trading, mining and the sale of goods and services for digital assets are taxed.
In March 2021, the authority updated the guidelines and mentioned cryptocurrency loans and staking for the first time.
As a reminder, a survey by Ziglu Bank found that 11% of British adults plan to buy digital assets. One in 10 already owns them.
The EOS wallet is available on both Google Play Store and Apple Store. The wallet allows transactions at no cost and is optimized for everyday use. The security provision is done by the creation of a private key which is stored on the device itself.