Her Majesty's Revenue and Customs (HMRC), the United Kingdom’s revenue agency, has published guidance on cryptocurrency taxation obligations for individuals. The document covers exchange tokens, a category of coins with characteristics similar to Bitcoin (BTC) and Litecoin (LTC). A rulebook for business tax duties will be issued soon, HMRC said on Wednesday.
HMRC follows the digital asset classification of Cryptoasset Taskforce (CATF), a body that comprises the UK Treasury, the Financial Conduct Authority (FCA), and the Bank of England. According to a recent CATF report, cryptos are not currencies or money, and they can be divided into three categories: exchange, utility, and security tokens.
Exchange coins are used as a means of exchange and investment and do not provide any rights or access to goods and services, unlike utility tokens and the securities coins. Exchang...
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