The UK will step up its oversight of the cryptocurrency industry and tax forms sent to individuals must now include a separate reporting option for their crypto assets.
The tax form change will take effect from the tax year ending April 2025 and will apply to capital gains tax forms.
This is a tax that investors pay when assets, including crypto assets, are sold for profit.
“The government is amending self-assessment tax return forms to require separate reporting of amounts associated with cryptoassets,” according to a document released by the UK Treasury on Wednesday.
Chancellor of the Exchequer Jeremy Hunt announced a new reporting option for the annual budget, released Wednesday.
So far, no other cryptocurrency rules or restrictions have been made public within the budget.
“Maximizing the Potential of the Metaverse”
Separately, and in a more positive vein, the government has said it wants to “maximize the potential” of what is known as the metaverse, a term used to describe virtual worlds that may (or may not) use cryptography and blockchain technology.
The government also said that the promotion of the metaverse must be done in a way that protects privacy, security risks, and other forms of harm to consumers.
Global Cryptocurrency Center
The UK is trying to position itself to become a more dominant player in the crypto economy and the government has announced plans in 2022 to turn the country into a global crypto powerhouse.
As part of this initiative, then-Chancellor of the Exchequer Rishi Sunak unveiled a plan to allow the use of stablecoins in the UK payment system.
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