Cryptoassets uncovered - The tax treatment of cryptoassets
Over the last decade, cryptoassets have burst on to the investment scene and captured the imagination of investors all over the world. There are three types of cryptoassets, according to the UK government, which it outlined in its October 2018 Cryptoasset Taskforce policy paper
As cryptoassets have grown in prominence, Her Majesty’s Revenue & Customs has produced a set of legislative and regulatory guidelines to cover them. It also published policy guidelines on how people holding cryptoassets would be taxed, adding that it would continue to review and update the guidelines as the underlying distributed ledger technology developed and the cryptoasset market matured.
What does this mean in practical purposes for investors?