The current measures are part of the government’s plan to make the country a crypto haven. The UK is introducing a tax holiday for foreign investors who buy crypto from local investment firms or brokers from Sunday. The tax cuts, announced in December, are part of Prime Minister Rishi Sunak’s plan to make the United Kingdom a crypto haven.
“This exemption is an important factor in attracting international investors, meaning that foreign investors will not have to pay tax in the UK simply by appointing United Kingdom investment agents,” the tax service said. which the government said. , HM Revenue and Customs, “To strengthen the UK’s position as a financial regulatory body, this ban has been extended to include crypto assets, so that the funds that include them are not prevented from appointing UK regulators.”
The country already has tax guidelines for resident crypto traders. In July, HM Revenue and Customs published a survey to seek the views of investors and experts on how it should measure digital currency (DeFi). Legislators are debating a financial and market tax bill that would give local financiers more control over crypto if passed. The UK Treasury plans to launch a review in the coming weeks on how to regulate the crypto sector.