The U.K.'s tax authority, the HM Revenue and Customs (HMRC);has proposed;a new regulation that would authorize it to seize cryptocurrencies of companies that do not pay their tax liabilities.
;If approved, the new legislation would allow the country's tax agency to access the online wallets in centralized crypto exchanges, including Binance, Coinbase, and Kraken, and the accounts on digital payments services like PayPal.
- The move will be a part of the country's efforts to modernize the way of collecting taxes.
- The HMRC already has the authority to seize funds in the bank accounts.
- The proposed regulation aims to expand this authorization to include online payment accounts and crypto wallets.
- In the annual budget revealed in March, the U.K.'s finance minister,;Jeremy Hunt, also announced the country would require taxpayers to report their crypto assets on tax forms separately as of next year.