cryptocurrency exchange Digital Services Tax must be paid at the amount of 2 percent of revenue. in the UK As reported by The Daily Telegraph
Because Crypto exchanges are not exempt from the financial markets. As the UK Revenue Agency does not accept cryptocurrencies as “financial instruments”, this tax is inevitable.
The Digital Services Tax has been in effect since April 1, 2021. CryptoUK has expressed dissatisfaction with the tax exemption. Because this will further inhibit the growth of the industry.
Coinbase is a cryptocurrency exchange that has opened a branch in the UK. It is expected to easily exceed the revenue threshold of 25 million pounds ($33 million) as crypto trading boomed this year.
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