- Clear up the tax situation
Blockchains don’t work without a token, and tokens need to be traded in and out of fiat (government backed currencies like the US dollar). This means there will always be a chance to profit (in fiat terms), so HMRC needs to clarify its stance.
In the US, the 2018 tax law clarified when you should pay capital gains on crypto. One big change: crypto-to-crypto transactions are now taxable events.
- Regulate exchanges
Almost all foreign exchange flows through banks or currency houses: what you do with it afterwards is your choice. It should be no different in the crypto-verse.
Unless you are a professional trader – the sort of person who’d self-declare as option four on a list like this – all your transactions should run through an exchange that is regulated.
- Create a framework for ICOs
You’ve done your homework and read our guide: “Should You Launch An ICO?” But chances are you still can’t discern if an ICO is legitimate or not. If you’ve even taken one look at a whitepaper, chances are you’ve given up on the first paragraph.
People are investing in ICOs just because of the hype and have no idea where their money is going – this won’t end well.