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U.K. Tax Authority (HMRC) Eyes On ‘Blockchain Analytic Tool’ For Cryptoanalysis
The British tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), is reportedly intending to invest in a “crypto-asset blockchain analysis tool” that could identify criminals indulging in the trade of Bitcoin or other cryptocurrencies.
The United Kingdom’s tax authority who administers taxes in conjunction with the fiscal policy making, have recently updated the tax guidance, is now looking for vendors to showcase their capabilities by demonstrating their expertise in the field of crypto-asset tracing, according to a recent report from public technology.net.
They are seeking to track seven major digital currencies, such as, Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH), Ether Classic (ETC), and Tether (USDT) stablecoin. In addition, a tool for developing the ability to track privacy-oriented coins such as Monero (XMR), Zcash (ZEC), and Dash (DASH) is also sought after by the HMRC.
In order to execute this project, the tax agency is ready with their budget of £100,000 ($130,000) towards licensing for the desired tool. The potential suppliers are invited for their proposals until 31st January, ahead of a scheduled contract start date of 17th February.
UK’s HMRC had updated its cryptocurrency taxation guidelines recently for businesses and individuals. Furthermore, they shed some light on how the tax-assesses are involved during the cryptocurrency tax treatment, and also, those who transact in tokens, mine, exchange tokens for other assets or provide goods or services in return for tokens are liable to pay for one or more different types of tax. Those taxes include income tax, corporation tax, capital gains tax, stamp taxes and National Insurance contributions.