Are Crypto Investors Savvy or Suckers? The UK’s Tax and Financial Regulators Don’t Agree

If the U.K.’s lead financial regulator and the U.K.’s tax collection agency can't agree on how to treat digital assets, how can crypto users know how to report and pay their taxes? Opinion. sobradob This is TaxWeek, presented by turbotax.

Boaz Sobrado is a London-based fintech analyst and cryptocurrency enthusiast.

The Financial Conduct Authority , the U.K.’s financial regulator, believes they are the latter, while the U.K.’s tax collection agency, HM Revenue & Customs, or HMRC, believes they are the former. While the agencies have issued a few helpful guidelines, their differing opinions underscore a fundamental inability to provide more sweeping and effective oversight that would protect consumers and ensure the industry’s development.

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