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UK’s HMRC to levy 2% tax on crypto-platforms as they don’t qualify for exemptions
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The unprecedented appreciation in cryptocurrency gains over the past year has taken the world by storm. Cryptocurrency exchanges too have seen massive gains due to the crypto-trading boom of 2021. Needless to say, this surge has caught some regulatory attention. Understandably, many governments are now mulling taxing cryptocurrency platforms.
At press time, regulators in the U.K had released a new tax-related structure for exchanges here in the region. According to a report by The Telegraph, digital asset platforms have suffered a major “digital tax” blow. As per the announcement, cryptocurrencies are neither currencies nor commodities. The regulator stated,
“They do not qualify for an exemption granted to financial marketplaces… Her
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