Crypto Exchanges Facing "Digital Tax" Blow in U.K.

Crypto Exchanges Facing "Digital Tax" Blow in U.K.

Cryptocurrency exchanges have to pay a 2% digital services tax in the U.K., according to a Sunday report by The Daily Telegraph.They do not qualify for an exemption granted to financial marketplaces since the Her Majesty's Revenue and Customs office doesn’t recognize cryptocurrencies as “financial instruments.”The tax on the local revenues of large tech companies was introduced in April 2020.CryptoUK, a crypto lobbying group, is not happy about the lack of the exemption since it would further stifle the industry.

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