What do you think about Coinbase handing over customer information to tax authorities? Let us know in the comments section below.
Coinbase says the HMRC request will affect under 3% of its U.K. customers, reports The Block. A spokesperson for the exchange explained:
The U.S. Internal Revenue Service (IRS) has also been sending warning letters to crypto investors seeking clarity about whether they had reported their transactions correctly.
The revised plan requires the disclosure of user data with a British address who received over ,450 into their Coinbase account during the 2019/20 tax period, either by way of purchases or deposit of digital assets.
On Oct. 2, Coinbase sent an email to its U.K. users advising them that it will share their account information with the HMRC. The exchange said the tax agency originally asked for records relating to all UK customers dating back to 2017, but it later worked out a plan that resulted in “a revised notice with reduced scope”.
The post Crypto Exchange Coinbase Hands Over Customer Data to UK Tax Authority appeared first on Bitcoin News.
These requests are commonplace for financial services companies. Through a series of constructive conversations with HMRC, we agreed upon on a more limited and focused disclosure…
Requests for customer information were also reportedly sent to crypto platforms such as Etoro and Cex.io, says the report.
Bitcoin.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
In New Zealand, the country’s tax agency, the Inland Revenue Department (IRD), is requesting that crypto companies turn over their customers’ personal details, cryptocurrency asset values as well as the type of asset held.
Coinbase is handing over customer data to the British tax authority, Her Majesty’s Revenue & Customs (HMRC). The measure affects customers with a U.K. address who received more than £5,000 (,450) worth of cryptocurrency during the 2019/20 tax year.
Send bulk sms with Bitcoin and don’t worry If your link gets reported. We are constantly monitoring your links and We’ll pause your campaigns if any issue…