HMRC: 8,329 reminder letters have been issued to individuals suspected of defaulting on cryptocurrency capital gains tax

Her Majesty’s Revenue and Customs (HMRC) has issued 8,329 reminder letters to individuals suspected of paying capital gains tax on their cryptocurrency assets, as the country’s new tax rules will require digital platforms to report the income earned by individual sellers using their websites. However, the crypto community points out that many cryptocurrency investors are unaware that they need to pay capital gains tax after selling digital assets, and if HMRC considers them to be cryptocurrency "traders", they are not even aware that they hold Assets are subject to income tax. These traders may be required to pay income tax if they mine cryptocurrency, earn interest by staking cryptocurrency, receive cryptocurrency from “airdrops” or trade large amounts of cryptocurrency on a regular basis. (thefintechtimes)