The HMRC Revenue and Customs UK Tax Authority Aims To Catch Cybercriminals With Blockchain Analytics. This has to be done on transparency in financial transactions as reported from The Block.
Many industries are deploying new security features moving into 2020 using different elements from the new technology. It suggests that using Bitcoin and Ethereum which are being used for “tax” evasion. And other forms of counter-terrorist financing have become more of a problem across government. Specifically, those using digital assets including-
Blockchain aims to provide financial freedom to the world. As many see it is the new banking system with better cost efficiency, speed, and overall use. Especially for day to day transactions. With this ability to manage assets individually, without traditional banking and regulation, many problems continue to arise in the current system. Including criminal activity, regulation breakages and not following certain countries’ legal systems.
Tax evasion is a major concern in the new forward-thinking technology. Due to a lack of regulation, law and overall consensus on how it would be possible to request citizens to pay tax. That government currently implements on a national scale to solve problems.
The HMRC has already issued letters demanding that exchanges including Coinbase, eToro, and CEX.IO. They release customer information, confirming names and transaction history to ensure any transaction that may result in potential tax charges, recorded and handled accordingly.
With regulation and law trying to catch up, it will be interesting to see how cryptocurrency transactions adapt to old formats. If that is even possible.
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