UK Sets Sights on Crypto Confiscation for Tax Dodgers

in crypto •  2 years ago 

UK Tax Authority Sets Sights on Crypto Confiscation

The UK’s Tax Authority is evaluating the implementation of regulations that would empower the agency to confiscate cryptoassets from businesses that have not fulfilled their tax obligations.

If the HMRC has the ability to directly recover debts from bank accounts, it should also have the ability to do the same with digital wallets, the paper noted.

Non-custodial wallets are generally immune from government seizure without the consent of the owner. The HMRC said it “will consider the issues raised in relation to practically implementing this proposal in a future consultation and ensure that safeguards are taken into account in any policy development going forward.”

So, crypto's status remains unclear, but if it smells like money, then it's money!

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