The UK's tax authority, Her Majesty's Revenue and Customs (HMRC), has asked cryptocurrency trading platforms to reveal customers' names and transaction histories in an attempt to collect unpaid taxes, CoinDesk reported yesterday making reference to several sources.
At least three exchanges - Coinbase, eToro and CEX.IO - have received a notification from the agency. The source has pointed out the following:
"If the HMRC do only go back two or three years, I think the interesting thing here is, that the individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be affected, it will be the people who came in around the time crypto peaked.
Tax agencies from several countries are pressuring crypto investors to comply with their tax obligations. Earlier this month U.S. Internal Revenue Service (IRS) had sent letters to more than 10,000 investors asking them to report on their crypto revenues.