3rd March 2013 (London, UK) – The UK Digital Currency Association (UKDCA) welcomes the forthcoming HMRC briefing on the tax treatment of cryptocurrencies as a very positive step towards their mainstream adoption.
The briefing provides clear rules on the tax liabilities for individuals and businesses handling Bitcoin and other cryptocurrencies. The published guidelines are some of the most sophisticated and forward-thinking issued by tax authorities anywhere in the world. The briefing suggests that cryptocurrencies should be treated almost identically to other currencies, in terms of taxation. This gives further legitimacy to digital currencies and could lead to a gold rush of digital currency businesses to the UK, further cementing its status as the world’s capital for innovation in financial technologies.
Read more: HMRC Issues Tax Briefing