Bitcoin Forum

U.K. Chancellor of the Exchequer Philip Hammond is expected to announce a government "crypto assets task force"  and a host of other fintech initiatives on Thursday.

According to a statement from the office of the Treasury, Hammond will reveal the task force, which will include the Bank of England and the Financial Conduct Authority in addition to the Treasury, at the government's second International Fintech Conference.

As expected, United Kingdom was really strict ever since when it comes on paying Taxes. They're also the country I've only known that conducts KYC on all businesses under thier jurisdiction.

U.K. Chancellor of the Exchequer Philip Hammond is expected to announce a government "crypto assets task force" and a host of other fintech initiatives on Thursday. According to a statement from the office of the Treasury, Hammond will reveal the task force, which will include the Bank of England and the Financial Conduct Authority in addition to the Treasury, at the government's second International Fintech Conference.  :) :)

Were they strict in the beginning? As far as I remember it took a very long time for them to actually address the legalization concerning holding Bitcoin and whether you need to pay capital gains or only pay taxes once you have converted to a fiat currency. I wouldn't say they are strict either, they require you to pay your taxes like any other capital.

This was more or less expected to happen at some point, there was going to be a time when countries start to think that bitcoin and other cryptos are going to be a threat to them. It was even shown that the UK was nice towards blockchain companies but they're being hostile towards crypto (which is what most governments are like)

They don't want to give up their power, and we didn't expect them too.

I'm not particular with BTCs and other Crypto holders, I'm entirely pertaining on how UK work on regulating a good system when it comes on paying taxes compared to other countries.

I still wonder how the UK government will be able to keep track of all the transaction don't by its citizen in other to task them,  I doubt if this goal can be 100% achieved because anyone from any country can spend is bitcoin anywhere even without spending a dime in his or her country,  but I will keep watching to see the magic in which the government will use to achieve this goal.

I hope the UK government will create a task force that is not detrimental to the cryptocurrency community. perhaps steps such as data collection of any cryptocurrency users, transaction tracking, even the provision of tax policies are acceptable for now, rather than decisions such as cryptocurrency bans applied by many other countries.