Britain: Investments In Cryptocurrency Are Not Considered A Gambling Game

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January 11, 2022
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Uk tax service (hmrc) decided that british investors in bitcoops cannot classify trade or investment in cryptocurrency as gambling.

Britain: Investments in cryptocurrency are not considered a gambling game

If cryptocurrencies could be classified in this way, the players would not have to pay the tax on the transaction.

The resolution states that officials «do not consider the purchase and sale of cryptoacivisions similar with gambling game».

For the first time in almost four years, hmrc management spoke on the issue of digital currencies. Previously, this type of investment was so speculative that they were not considered taxable. Many believe that due to their speculative nature, bitcoan trade is more like gambling than on investment. However, with the growing popularity of cryptocurrency in 2017, the authorities decided to clarify this issue.

The ruling says: «in the overwhelming majority of cases, individuals own cryptoactivities as personal investments, usually to increase capital costs or committing certain purchases. They will be obliged to pay capital gains tax when they will dispose of them».

Recall that cryptocurrency is increasingly used in gembling. According to the representative of the website of online poker wpn affiliates brian harris, about 60% of customer payments come in the form of cryptocurrency.

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