Cryptoassets

While Bitcoin may be the most widely-used and best-known cryptoasset, there are several thousand different cryptoassets, each with their own unique characteristics, and their number and potential applications, distributed ledger technologies continues to increase.

The rapid growth of the crypto sector has drawn significant attention from policy-makers worldwide with governments taking divergent approaches to its regulation from the outright banning of financial institutions and payment processors from handling cryptoassets, to implementing regulatory frameworks to encourage the growth of the sector.

UK regulators, in particular, the Bank of England and the Financial Conduct Authority, contend that cryptoassets are not currency or money. HMRC, as the UK’s tax authority, has followed that stance. While proponents of cryptocurrencies will dispute this, it has far-reaching implications for the UK tax treatment of cryptoassets.

Capital Losses on Crypto Assets – Frauds, Thefts & Faked Deaths

Frauds, thefts and faked deaths: capital losses on crypto assets When reports first appeared in February 2019 that Gerald Cotton, CEO of Quadriga CX, a cryptoasset exchange, had died, online rumours circulated that he had faked his own death and escaped with $190 million. While his death was subsequently confirmed, 

Crypto Asset Tax: The New HMRC Guidance

Crypto asset tax : The New HMRC Guidance Update… In December 2018, HMRC released their long-awaited policy paper on the appropriate tax treatment of cryptoassets. This being HMRC’s second paper on this, the first being published in 2014. The paper goes some way in undertaking the difficult task of marrying 

Bitcoin, Cryptoasset & Taxation; Where is the Blockchain?

While it was ten years at the end of October since Satoshi Nakamoto’s paper conceiving of Bitcoin as a peer-to-peer electronic cash system, it was only in mid-2017 that Bitcoin and other cryptocurrencies became mainstream. Many accountants will be grappling with the implications of cryptocurrencies as they work to complete 

UK Cryptocurrency Taxation; Trading, Gifting, Gambling & HMRC

The Taxation of Cryptocurrency & Tax Efficient Cryptocurrency. One Year On… The cryptocurrency boom of autumn 2017 saw an explosion of interest in cryptocurrencies, blockchain and related technologies and has even resulted in the emergence of “crypto-millionaires”. Many financial advisers have been left scratching their heads as they turn to 

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