UK tax authorities urge crypto asset holders to disclose any undeclared gains

BlockBeats news, on December 1, according to the Financial Times, crypto asset holders were urged by the UK tax authorities to disclose any undeclared gains, a move that prompted warnings from experts that it could herald a crackdown on unpaid taxes. The attacks gradually intensified. The UK tax authority this week launched a voluntary disclosure mechanism to encourage the public to inform about untaxed income or gains from crypto-assets, including tokens, NFTs and utility tokens in trading platforms. While taxpayers have previously been able to claim unpaid tax using the UK tax agency’s disclosure tool, this is the first time it has launched a process specifically for crypto asset holders.