As expected, the Treasury began to put the magnifying glass on virtual currencies with the aim of taxing them and creating new taxes with which to obtain profits that currently escape fiscal control. This has caused the ordinary citizen to still have doubts about the management of crypto assets in relation to the Treasury, since they continue to have no specific regulation. The phenomenon of cryptocurrencies and their impact on the financial industry has caused Europe to take the initiative with the MiCA (Market in Crypto Assets) proposal. Despite this, this regulation is still in the process of being drafted and it is not expected to start applying before 2024.
- Uphold becomes a UK-registered crypto asset company following FCA approval
The main questions that most torment investors range from when cryptocurrencies must be declared to what taxes must be paid, and if not, what kind of sanctions would someone who does not comply with the requirements set by the Treasury have to face.
Read the full article on Cointelegraph
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