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. Information material from platform CryptoDeFix. 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. 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.