-2.32% Bitcoin (BTC) 97463.5 EUR
-3.38% Ethereum (ETH) 3552.64 EUR
-3.66% Litecoin (LTC) 83.45 EUR
-2.54% B-Cash (BCH) 466.93 EUR
-0.92% Ethereum (ETH) 0.0368246 BTC
-1.49% Litecoin (LTC) 0.00086557 BTC
-0.71% B-Cash (BCH) 0.00477932 BTC
-2.07% Bitcoin (BTC) 114168.0467 USDC
-0.27% USD Coin (USDC) 0.86 EUR
-5.03% Chainlink (LINK) 16.58 EUR
-2.31% Chainlink (LINK) 0.00017015 BTC
-5.76% Dogecoin (DOGE) 0.17 EUR
-3.72% Dogecoin (DOGE) 0.00000182 BTC
-2.54% Uniswap (UNI) 5.91 EUR
-0.81% Uniswap (UNI) 0.0000608 BTC
-3.58% Cardano (ADA) 0.61 EUR
-1.41% Cardano (ADA) 0.00000626 BTC
-2.45% Tron (TRX) 0.27 EUR
-0.70% Tron (TRX) 0.00000283 BTC
-4.40% Shiba Inu (SHIB) 0.00000933 EUR
-6.95% Zcash (ZEC) 208.28 EUR
0.00% Zcash (ZEC) 0.0004242 BTC
0.00% TradeFlow (TFLOW) 0.12216892 BUSD
-2.91% Arbitrum (ARB) 0.3435 USDC
-4.77% Chainlink (LINK) 19.03 USD
-4.47% Chainlink (LINK) 19.03585 USDC
-2.99% Uniswap (UNI) 6.796 USDC
-2.99% Ondo (ONDO) 0.69 EUR
-2.88% Ondo (ONDO) 0.80079 USDC
-3.42% Gala (GALA) 0.01 EUR
-3.74% Gala (GALA) 0.0121 USDC
-4.62% Wormhole Token (W) 0.07 EUR
-3.99% Wormhole Token (W) 0.0837 USDC
-1.23% Chiliz (CHZ) 0.03 EUR
-1.99% Chiliz (CHZ) 0.03582 USDC
-2.88% Sand (SAND) 0.19 EUR
-2.54% Sand (SAND) 0.2259 USDC
-1.82% Aave (AAVE) 218.72 EUR
-1.74% Aave (AAVE) 253.33 USDC
-3.43% Curve DAO (CRV) 0.51 EUR
-3.42% Curve DAO (CRV) 0.6012 USDC
-4.35% Immutable X (IMX) 0.49 EUR
-4.27% Immutable X (IMX) 0.5761 USDC
0.00% Skale (SKL) 0.07 USDC
-6.45% Beam (BEAM) 0 EUR
-5.75% Beam (BEAM) 0.00639 USDC
0.00% Axelar (AXL) 1.05 USDC
-3.24% Livepeer Token (LPT) 4.61 EUR
-2.90% Livepeer Token (LPT) 5.344 USDC
-0.41% Compound (COMP) 30.9 EUR
-0.72% Compound (COMP) 35.79 USDC
-3.17% Coti (COTI) 0.03 EUR
-1.25% Coti (COTI) 0.0392 USDC
0.00% Portal (PORTAL) 1.1 USDC
-3.24% Sushi (SUSHI) 0.5 EUR
-4.24% Sushi (SUSHI) 0.5751 USDC
-6.70% Pepe (PEPE) 0 EUR
-6.42% Pepe (PEPE) 0.00000743 USDC
-3.65% Optimism (OP) 0.41 EUR
0.00% Polygon (MATIC) 0.2 EUR
-1.50% Solana (SOL) 175.55 EUR
+1.16% Solana (SOL) 0.0018096 BTC
+1.17% Solana (SOL) 0.049322 ETH
+0.18% USD Coin (USDC) 0.75 GBP
0.00% USD Coin (USDC) 1 USDT
0.00% USD Coin (USDC) 145.58 JPY
0.00% USD Coin (USDC) 4.25 PLN
0.00% USD Coin (USDC) 10.93 SEK

UK digital services tax targets crypto exchanges

11-29-2021

A recent update to Her Majesty’s Revenue and Customs (HMRC) regulations has introduced a digital services tax that will be levied on cryptocurrency exchanges operating in the United Kingdom. Crypto exchanges in the UK will now have to pay a 2% digital services tax according to a Telegraph report. Britain’s tax authority, HMRC, does not recognize digital assets as financial instruments and therefore exchanges are not eligible for financial exemptions.
 
On Nov. 28, the authority included cryptocurrency exchanges under the Treasury’s tech tax. The digital services tax on revenue was introduced in April 2020 targeting social media and search giants such as Facebook and Google. The latest blow to crypto exchanges is a result of the HMRC’s classification of crypto assets, as the regulator explained:
 
“There are a wide variety of crypto assets, each with different characteristics. It said that because cryptocurrencies do not represent commodities, financial contracts, or money, it is unlikely that crypto-asset exchanges can benefit from the exemption for online financial marketplaces.”
According to CryptoUK, the trade body representing the digital asset sector in Britain, the tax is unfair and is likely to be passed on to investors and traders. Executive Director Ian Taylor stated that treating cryptocurrencies differently to other financial instruments such as stocks or commodities is detrimental to the crypto sector.
 
He added that it is another heavy blow to the industry following the arduous licensing system introduced by the Financial Conduct Authority (FCA) for exchanges. Since January, all UK-based crypto-asset companies have had to comply with AML (anti-money laundering) regulations and register with FCA. Britain’s tax authorities reportedly demanded that several crypto asset exchanges hand over details on customers from transactions and holdings in August 2019.