UK Tax Agency Releases Crypto-GuidanceUK Tax Agency Releases Crypto-Guidance
By Sheevika Senanayake - December 19, 2018

The tax agency of the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) has released its guideline as to how individuals may be taxed on their cryptocurrency holdings. The HMRC guidelines fail to specify how businesses and tokens held for business purposes may be taxed, stating that the information will be provided in the future. A statement issued notes that “HMRC does not consider crypto assets to be currency or money. This reflects the position previously set out by the report from the Cryptoasset Taskforce.” Tokens may be classified as exchange tokens, utility tokens or security tokens.