The UK Customs and Excise Department issues guidance on cryptographic tax treatment

The UK tax authority HM Revenue & Customs said in a guidance issued on November 1 that encryption companies must keep all transactions in pounds, even if the transaction is between two different encryption assets. ongoing. The guidance clarifies how cryptographic companies should pay different types of taxes, such as stamp duty and value-added tax, and clarify under what circumstances the tax bureau can consider buying and selling tokens as a formal trading activity. The guidelines state that encrypted assets must be calculated in accordance with accepted accounting practices.