UK Customs and Excise Department: cryptocurrency is not money or currency

The UK tax authorities, the UK Customs and Excise Department (HMRC), have recently updated their cryptocurrency tax guidelines for businesses and individuals. HMRC made it clear that it does not consider any current type of cryptocurrency to be money or currency. HMRC further recognizes that cryptocurrency is a rapidly evolving industry, so it will examine the facts of each case separately and apply the relevant tax rules based on actual conditions, rather than relying solely on theory. HMRC previously considered cryptocurrency transactions to be the same as gambling. However, the latest tax guidance update states that the agency does not consider buying or selling the cryptocurrency itself.