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UK revenue and customs agency wants to track crypto-asset transactions

Tue, 21 Jan 2020, 06:13 am UTC

Her Majesty’s Revenue and Customs (HMRC) in the UK is seeking a supplier for a crypto-asset blockchain analysis tool.

The agency has recently opened a £100,000 ($130,000) contract to procure a software that will enable it to track and trace cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Tether (USDT), and Litecoin (LTC).

Those who offer the tracing capability for privacy-focused cryptocurrencies, such as Monero, Zcash, and Dash, will be preferred.

“Crypto assets, such as Bitcoin and Ethereum, provide a means to transfer value between interacting parties…[T]hese services are increasingly used for a range of purposes, from international money transfers, sales of digital services, paying staff and tax evasion and money laundering,” HMRC said.

The agency said that the crypto analysis tool should enable efficiencies and opportunities in investigating crypto-asset transactions compared to using free online resources and raw blockchain data. By using the tool, it also aims to close intelligence gaps in the use of crypto-assets in supporting criminal activity against HMRC.

Those interested can send their application by Jan.27, 2020.

Last October, the United States Internal Revenue Service (IRS) published tax guidance for anyone operating in the crypto industry, addressing multiple concerns of the cryptorati. However, members of the Congress sent a letter to the IRS last month urging the agency to provide more clarity about crypto tax.

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  • Ethereum (ETH) $406.81 (-0.73%)
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  • Bitcoin Cash (BCH) $268.95 (-0.81%)
  • Chainlink (LINK) $12.19 (-2.52%)
  • Bitcoin (BTC) $13,063.50 (+0.22%)
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