The UK is on the list of the most favorable jurisdictions for doing business on mining and exchange of cryptocurrencies. In addition, such start-ups in the initial stages even receive support from the state.
So far, in the UK, activities related to digital money are still not regulated at the legislative level.
The Office for Financial Regulation and Control of the UK (Financial Conduct Authority, hereinafter referred to as the “Management”) determines that Bitcoin is neither a currency nor money, therefore the cryptocurrency can in no way be regulated by UK financial law.
Blockchain company – Circle was registered for the first time in the UK. Remarkably, this was an important factor for the fact that she was opened by one of the largest banking institutions – Barclays.
In the British Treasury commented that this expressed the government’s decision to submit the most progressive and far-sighted regulatory legal regime.
Later, the Treasury made a proposal to apply the legislation on combating money laundering and the financing of terrorism regarding companies and stock exchanges for the exchange of cryptocurrencies.
At the same time, it is not envisaged to apply it to companies that open accounts for clients in cryptocurrencies, but do not provide services for converting them into fiat money.
The UK regulator in the field of taxation and customs duties published an analytical review on tax collections for operations with cryptocurrencies. In accordance with this comment, the profit from the mining of cryptocurrencies and their exchange to another currency is not subject to value-added tax.
At the same time, VAT should be paid by sellers of services or goods sold for cryptocurrency. In this case, the price of goods or services that are subject to VAT should be equivalent to the value of the national currency’s crypto currency at the time of such an operation.
In addition, depending on the situation, the income (profit) of a business entity is subject to Capital Gains Tax, Corporate Tax and Income Tax.
Eternity Law International specialists will provide you with a qualified consultation on the company registration for working with cryptocurrencies, opening a bank account for such a company.
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