🧾 UNITED KINGDOM ON THE HUNT FOR CRYPTO TAXATION! Companies will have to report every transaction.
The United Kingdom will require cryptocurrency companies to collect and report data on every operation and transfer of their clients starting from January 1, 2026 🗓️. This measure aims to improve the tax declaration of crypto assets 💰.
Key points:
① 👤 Detailed information: Full name, address, tax identification number, cryptocurrency used, and amount moved in each transaction must be reported.
② 🏢 Legal entities: Details of companies, trusts, and charities operating on crypto platforms will also be reported.
③ 💸 Penalties for non-compliance: Inaccurate reports or failure to file could result in fines of up to £300 per user.
④ ✅ Advance preparation: Authorities recommend that companies start collecting data now to ensure compliance.
⑤ 🌐 International framework: This rule integrates the OECD Crypto Asset Reporting Framework for greater transparency.
⑥ 🛡️ Robust regulation: The government's goal is to establish a regulatory framework that supports industry growth and protects consumers.
⑦ 🚨 Reeves bill: The Chancellor presented a bill to include exchanges, custodians, and brokers within the regulatory scope against fraud.
⑧ 📈 Increase in adoption: A study revealed that 12% of adults in the UK owned cryptocurrencies in 2024, a significant increase since 2021.
⑨ 🇪🇺 Contrast with the EU: The UK's approach differs from the EU's MiCA Regulation, allowing foreign stablecoin issuers to operate without registration and without volume limits.
Do you think this measure from the United Kingdom will increase transparency in the cryptocurrency market? 🤔 How will it affect users and companies in the sector?
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