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<p>Cryptoassets present unique challenges to HMRC as they can be easily acquired and
transferred, including across borders, but do not usually record the identity of their
owners.</p><p> </p><p>HMRC has used powers provided by Parliament to gather information
from cryptoasset exchanges. HMRC has written to customers where data shows they own,
or have owned, cryptoassets. They have advised them of the tax consequences of common
transactions.</p><p> </p><p>HMRC also applies traditional enforcement approaches,
such as enquiring into tax returns.</p><p> </p><p>The UK continues to work with international
partners, including multinational organisations such as the Organisation for Economic
Co-operation and Development, to cooperate, share information, and develop responses.</p><p>
</p><p>The majority of individuals and businesses wish to pay the tax that is due,
and the Government wants to help them get their tax affairs right. HMRC has published
guidance on the taxation of cryptoassets, which is among the most detailed guidance
released by any tax administration, on what is a complex topic.</p><p> </p><p>HMRC
has developed its capability to deal with risks arising from cryptoassets through
the development of in-house training and the use of blockchain forensic tools.</p><p>
</p><p>HMRC will continue to actively monitor the compliance risks as this technology
develops and the uses and users of cryptoassets change.</p>
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