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British tax authority to crack down tax crypto tax evaders, demands clients' data from major exchanges

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Wed, 07 Aug 2019, 05:00 am UTC

British tax authority HM Revenue & Customs (HMRC) is asking cryptocurrency exchanges to provide the name and transaction histories of their customers, as the office attempts to recover unpaid taxes.

HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years,” CoinDesk quoted one of the industry sources, noting that obtaining 10 years’ worth of data would be difficult.

HMRC, on the other hand, opt not to divulge the details of their demands, explaining that disclosing them can jeopardize the assessment and tax collection process. However, it made clear that the demands are within its responsibility.

These transactions may result in potential tax charges and HMRC has the power to issue notices requiring exchanges to provide this information,” the agency told the news outlet.

Industry sources claimed at least three crypto exchanges, including Coinbase, eToro, and CEX.IO, have reportedly received demand letters from the authorities.

The latest initiative mirrors the move of the U.S. Internal Revenue Services (IRS) as it is considering to require tech giants to report crypto-related activities of its users. The IRS reportedly sought to use Grand Jury subpoenas for firms such as Apple, Google, and Microsoft.

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