UK Cracks Down on Crypto Taxes!

The UK tax authority (HMRC) has launched a new enforcement campaign targeting crypto investors who failed to report their gains. Thousands of letters will be sent to individuals suspected of trading cryptocurrencies without fulfilling their tax obligations. This includes profits from trading and staking digital assets. HMRC emphasizes that crypto gains are treated as capital gains and taxed when they exceed a certain threshold. The authority uses data from exchanges and other sources to identify potential evaders. Affected individuals will be given the opportunity to amend their declarations voluntarily before stricter actions are taken. The campaign is part of the government’s effort to increase revenue and tighten control over the UK crypto market while encouraging voluntary compliance.