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The British tax authority requires the disclosure of cryptocurrency clients

HM Revenue & Customs, the British tax authority is putting pressure on cryptocurrency exchanges to reveal their customer names and transaction history in order to return unpaid taxes.

Sources said the letters were sent to at least three exchanges that provided business in the UK: Coinbase, eToro and CEX.IO. None of the three firms have yet commented on these events.

Some analysts are of the opinion that these “round-ups” do not affect people who started trading digital currencies very early in 2012-13. In other words, those who have achieved the greatest success and profits will not be affected. However, to whom exactly do these checks relate are people who came during the peak of cryptocurrency in early 2018.

The department itself has not yet confirmed the information, but said that it has every right to demand such data:

These exchanges can store information about their customers and the transactions they completed. These transactions may lead to potential tax levies, and the Tax Service has the right to send requests for such information.

Such actions by the UK Internal Revenue Service are no exception, but rather the United States Internal Revenue Service (IRS). Last month, the IRS began sending out warning letters to Americans who, in their opinion, participated in cryptocurrency transactions, but did not declare them.

In addition, back in December 2016, the Internal Revenue Service sent a Coinbase agenda requesting that the company provide information to approximately 500,000 clients of the exchange. Then, during the trial, the company was forced to transfer records only 13 thousand people.

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