UK updates the encrypted tax guide, emphasizing that bitcoin is not a currency or a security

On November 4th, the UK tax authorities issued a tax guide for businesses to supplement their previous guidelines for individuals. The guidelines cover capital gains tax, corporate tax, national insurance, income tax and other taxes. According to the General Administration of Taxation and Customs (HMRC), it does not usually treat cryptocurrencies such as bitcoin as currency or “stocks or securities”, which largely eliminates stamp duty on these cryptocurrencies. However, according to the guidelines, tokens used for debt transactions are still subject to stamp duty.