- The UK Tax authority is looking to keep up with the times.
- HMRC can already seize funds from bank accounts.
- FinTechs and crypto are next in the firing line for HMRC.
The UK is positioning itself as a crypto hub with a framework of regulations coming in the near future. HM Revenue and Customs (HMRC), the UK tax authority, is also looking to gain control over the digital asset space as part of these regulations.
HMRC is proposing regulations that would give it authority to take cryptocurrencies from the wallets of those that do not pay their crypto taxes.
Access to Wallets and Exchanges
HMRC already has the ability to seize funds from bank accounts of those who do not pay their taxes. This new proposal would offer similar authority for a modernizing digital age, with PayPal being another avenue it wants to exert authority over.
An HMRC spokesman told the Telegraph:
“The proposals will help...
