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Her Majesty the Queen Rules Out Crypto as Currency

“Capital gains tax is commonly used to tax crypto activity in many countries, such as the U.S. and Israel” writes Or Lokay Cohen for The policy paper on individuals considers crypto activity as a personal investment subject to capital gains tax that should be paid when crypto is sold for fiat, using crypto to pay for goods or services, gifting crypto or — unlike the position of the French tax authority — exchanging crypto for crypto.After 11 years of Bitcoin’s existence, countries around the world are creating clarity for taxpayers regarding crypto activity.In cases where the individual did not sell immediately and was awarded crypto, they will be subject to capital gains tax when that crypto is sold or exchanged.The HMRC explicitly states that it does not consider crypto as a currency, and the policy paper uses the term “cryptoassets” and not cryptocurrency.

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