Odaily Planet Daily reports that HMRC has recovered over £8 million from 502 cryptocurrency investors through tax settlements. The settlements were facilitated through HMRC’s Cryptoassets Disclosure Facility, which allows holders to declare unpaid taxes before formal investigations are launched. The UK Treasury aims to collect £315 million in cryptocurrency taxes by 2030 from an estimated 7 million crypto asset holders. (Coin Bureau)
HMRC Recovers Over £8 Million in Taxes from 502 Crypto Investors
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Summary
HMRC has collected over £8 million in taxes from 502 crypto investors through its disclosure scheme. The program allows users to report unpaid taxes before HMRC initiates formal investigations. The UK aims to collect £315 million from an estimated 7 million holders of crypto assets by 2030. Meanwhile, the EU’s MiCA framework is expected to influence how crypto assets are treated under tax and financial regulations.
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