WebsCryptoWebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCryptoWebsCrypto
Advertise
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCryptoWebsCrypto
WebsCrypto—News—Market News—UK Announces Tax Relief for Foreign Investors Using Local Brokers for Cryptocurrency Investments
Market News

UK Announces Tax Relief for Foreign Investors Using Local Brokers for Cryptocurrency Investments

By Simon LawsonJanuary 6, 2023
UK Announces Tax Relief for Foreign Investors Using Local Brokers for Cryptocurrency Investments
Facebook Twitter Telegram LinkedIn Reddit WhatsApp Email

The UK government has introduced a tax relief policy for foreign investors who use local brokers or investment managers to invest in cryptocurrencies. The policy, which came into effect on January 1, 2023, aims to attract global investors to the UK and cement the country’s status as an investment management center.

According to HM Revenue and Customs, foreign investors will no longer be subject to UK tax simply because they appoint a UK investment manager to handle their cryptocurrency investments. This exemption has been extended to include crypto-assets, ensuring that funds related to crypto-assets do not deter the appointment of UK managers.

The move has been welcomed by the cryptocurrency industry, with many hailing it as a positive step towards the mainstream adoption of digital currencies. It is also seen as a sign that the UK government is taking the issue of cryptocurrency taxation seriously and is looking for ways to support the industry.

The tax relief policy is part of a wider effort by the UK government to create a favorable environment for cryptocurrency and fintech companies. In recent years, the country has taken a number of steps to encourage the growth of these sectors, including the establishment of the Fintech Delivery Panel and the creation of the Cryptoasset Taskforce.

The taskforce, which was set up in 2018, is responsible for developing a framework for the regulation of cryptocurrency and blockchain-based assets. It is made up of representatives from the Treasury, the Bank of England, and the Financial Conduct Authority (FCA).

One of the key areas that the taskforce has focused on is the development of a regulatory framework for initial coin offerings (ICOs). In 2019, the FCA published guidance on ICOs, outlining the risks and regulatory requirements that companies need to consider when raising funds through this means.

The tax relief policy for foreign investors is seen as the latest in a series of moves by the UK government to position itself as a leader in the cryptocurrency and fintech sectors. It is hoped that the policy will help to attract more international investment to the country and further strengthen the UK’s reputation as a hub for innovation and technological advancement.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Related News
Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection
Market News February 1, 2023

Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection

Bitcoin Surges to New Highs, Best January in a Decade
Bitcoin News February 1, 2023

Bitcoin Surges to New Highs, Best January in a Decade

Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC
NFT News January 31, 2023

Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC

South Korea Implements Virtual Currency Tracking System to Tackle Money Laundering
Market News January 31, 2023

South Korea Implements Virtual Currency Tracking System to Tackle Money Laundering

Elon Musk Keeps Promise Alive to Feast on Happy Meal if McDonald's Goes Crypto
Market News January 30, 2023

Elon Musk Keeps Promise Alive to Feast on Happy Meal if McDonald’s Goes Crypto

White House Issues Guidelines to Curb Cryptocurrency Risks
Market News January 30, 2023

White House Issues Guidelines to Curb Cryptocurrency Risks

The Latest
Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection
Market News February 1, 2023
Supreme Court To Decide on Panamanian Crypto Bill After Congressional Rejection
The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million
Bitcoin News February 1, 2023
The Fair Market Value of Bitcoin Held by Tesla in 2022 Is $191 Million, and the Impairment Loss Is $204 Million
Bitcoin Surges to New Highs, Best January in a Decade
Bitcoin News February 1, 2023
Bitcoin Surges to New Highs, Best January in a Decade
Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC
NFT News January 31, 2023
Hermes vs MetaBirkin: Trademark Dispute Over NFT Art Headed to Court in NYC
Australian Regulator Warns Against FTX Exchange Eight Months Before Its Collapse
Business News January 31, 2023
Australian Regulator Warns Against FTX Exchange Eight Months Before Its Collapse

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter Instagram LinkedIn Telegram RSS
News
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Market News
  • Business News
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Services
  • About Us
  • Contact Us
  • Advertise
© 2023 WebsCrypto.
  • Privacy Policy
  • Terms of Service

Type above and press Enter to search. Press Esc to cancel.