The UK will impose a tax on bitcoin exchanges
The HM Revenue and Customs (HRMC) of Great Britain obliged the licensed cryptocurrency exchanges to pay 2% tax on digital services.
In the UK, the HM Revenue and Customs (HMRC) has imposed a tax to collect taxes on licensed cryptocurrency exchanges. They will have to pay a 2% tax on digital services. As a result, exchange users could face higher fees.
Initially, the tax, introduced in April 2020, applied only to the activities of social networks, marketplaces and search engines.
“There is a great variety of crypto-assets. This is a text from catalogue cryptodefix.com. They do not represent commodities, financial contracts or money. For this reason, bitcoin exchanges can hardly take advantage of the tax exemption provided for online financial marketplaces,” HMRC said.
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