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The Official recognition From cryptoturference by tax authorities in the UK comes after the consultation period between HMRC and a number of Bitcoin business and users, which they initiated last year.
Elliptic approached HMRC to cross their appointment of Bitcoin as a “voucher”, which could lead to any Bitcoin purchase additional 20% VAT – the tag that We persuaded them to withdraw. Last week, we took over the delegation of digital currency companies (the establishment of members soon in the UK digital currency) on the HMRC office to provide feedback on their proposed judgment about the taxation of cryptoturferences.
Why would they take care of wide digital currency? So at the time the world media focus on the ruin of the MT Gox and Vietnamese Bitcoin Ban, the UK tax authorities have taken a thoughtful and logical approach analyzing the influence of cryptoturference and accordingly. The regulators and governments around the world will affect the Judgment of HMRC and could have a profound impact on the long-term success of digital currencies.
For me, the most significant aspect of briefing is, whether the cryptoturrens are treated almost exactly as any other currency, as they are, dollars or euros. They are not treated as a goldberry or vouchers or private money – but as regular money. This is significant because it shows that their use as a legitimate secondary exchange is understood and officially recognized. This is the first step towards the regulation that will be needed if cryptoturferences should go to the mainstream, and if their huge potential benefits must enjoy the masses.
Hmrc should be applauded for taking advanced and progressive access at a time when it would be far easier to easily do anything. By bringing clarity and legitimacy to digital currency companies, they have established the UK as a leader in the development and commercialization of this revolutionary new technology.
EMEA compliance Regulation
