People buying cryptocurrency in the UK now need to share their account details or face penalties, in changes that came into effect on 1 January.
The move by the UK’s tax body is designed to ensure they pay all relevant tax on buying and selling crypto, including capital gains tax.
HMRC will begin automatically collecting information on all users of cryptocurrency exchanges - which are effectively the industry’s banks - in a bid to start collecting tens of millions in unpaid tax.
The change comes as the financial watchdog continues its consultation on tougher regulation for the industry, including measures to stop insider trading.
Enjoy the tax fraud.
I mean, tax fraud is very enjoyable, yes.
One has exactly the same choice as with speech. In fact they are the same choice on the Internet.
Either there is monitoring or there is encryption. Both come with real benefits and costs.
One is a human right, the other is defrauding the people and should be a capital offense.
More a capitalist offense.
A capital offense?
That’s insane. Maybe if you’re a politician or someone supposed to be being in charge of shit but they actually get encouragement for it and face zero consequences.
A dude in us government took a 50 thousand dollar bribe and you think Joe Blow not telling the IRS about 10K should be put to death?
No, that’s not what I said. A capital offense is a crime that CAN be punishable by the death penalty.
I believe that the goal of our judicial system should be rehabilitation and that in my ideal society we would abolish the death penalty. But we are far from that ideal society.
I think that the death penalty should be reserved for a certain class of crimes: crimes against humanity and crimes against the people. And that the burden of proof should be higher than beyond a reasonable doubt.
If a politician abuses their power and accepts bribes or commits fraud, or a CEO commits wage theft, then the death penalty should be on the table. We could even use commuted death sentences where they are given the opportunity to repay their stolen gains plus restitution.
Those politicians and CEOs will serve as an example to Joe Blow as to the seriousness of their crimes so that they don’t casually commit $10,000 in tax fraud as if it is some weird libertarian right. And if a private individual commits a serious enough level of fraud or show themselves to be unrepentant repeat offenders then yes, they should face the same consequences.