The U.K. has announced that it would necessitate the taxpayers to report their crypto assets on tax forms separately as of next year.

 

The U.K. has announced that it would necessitate the taxpayers to report their crypto assets on tax forms separately as of next year.  The announcement was made by the country's finance minister, Jeremy Hunt, in the annual budget. The new obligation means that the taxpayers in the U.K. will have to record their crypto gains separately starting in 2024.  The records will be first introduced in the tax year ending in April 2025. The move aims to bring an extra £10M ($12M) annually to the public purse.  The British government also stated that it would endeavor to maximize the metaverse's potential while controlling privacy and security risks.