- Last year, 240 Britons became crypto millionaires.
- A total of 17,600 UK investors have reported their cryptocurrency income.
According to the UK Tax Office, 240 people became crypto millionaires last year, earning more than $1,4 million each from digital asset transactions.
A total of 17,600 British investors reported cryptocurrency income, with their combined profits amounting to nearly $1,9 billion. The total volume of cryptocurrency transactions reached a remarkable $18,7 billion.
Profits from cryptocurrency assets are taxed like any other profit, and we want to make sure that people who profit from cryptocurrencies know what taxes they are liable to pay, said James Murray, Financial Secretary to the Treasury and Paymaster General .
Last year, the UK Tax Office sent more than 81,000 letters to UK citizens suspected of failing to pay taxes on cryptocurrency transactions.
The UK government strictly regulates the digital asset sector, requiring verification even from crypto sponsors of local football clubs, as has already been reported. Reported redaction Happy Coin NewsThe UK also requires cryptocurrency service providers to disclose profits and losses from cryptocurrency transactions. Despite this, the largest global exchange Binance planning again back to the country's market.
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