in the bitcoin news today we talk about coinbase's new e money license and what it means for coinbase users in the UK.
This coinbase news came out yesterday and i huge for adoption of the cryptocurrency space in general.
From a regulatory standpoint, this means that Coinbase is now able to issue e-money and provide payment services in the U.K. and will have passed additional checks in terms of things like the segregation of client funds, which means that customer fiat balances are separated from Coinbase’s own operational funds and kept in separate bank accounts.
This bitcoin news today has been brought to you by matthew timothy.
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Jurij Silo well done. If you're making some decent profits then it wouldn't hurt to speak to an accountant or just phone HMRC, they have a helpline for tax related questions, I think it's on their website
Crypto Prawn i'm new to this crypto world.. like 3-4 months following and collecting info.. and already invested in 2 ico and one of them already on exchanges made x6 so i'm happy to made everything correctly with taxes and etc.. do you think is it better for me to contact accountant?
Jurij Silo well it means you can withdrawal staright to your UK bank account without having to go through a euro bank so it's quicker and saves on forex charges. I'm pretty sure all profits you receive from an investment into your account needs to be declared to inland revenue for taxing, if you don't and you get audited it would unfortunately probably end badly with a fine etc...
Crypto Prawn if i understood correctly that means now i can add my uk bank account to coinbase and send fiat?
and very important question about taxes? if i bought 1btc for 1£ and sell it for 100£ and send that 100£ to my bank account, will i have any troubles or questions from my bank or from taxman?
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