UK HMRC publishes guidance on taxation of cryptoassets for businesses; Clarifies "bitcoins" not money

Nov 05,2019

UK HMRC publishes updated guidance on tax treatment of cryptoassets (or cryptocurrency) for businesses and individuals; Succinctly, the guidance confirms that HMRC does not consider cryptoassets to be currency or money for tax purposes, and classifies  cryptoassets into three categories of "tokens": namely, (1) Exchange tokens [intended to be used as a method of payment and encompasses 'cryptocurrencies' like bitcoin], (2) Utility tokens [which provide t...

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