CoinTracker, a crypto portfolio tracker and tax calculator, announced its collaboration with By The Book Accountancy, a UK accounting firm, on January 23rd. Per a press statement, both entities will help crypto investors in the United Kingdom to understand the tax filing process amid the ongoing regulatory changes.
CoinTracker To Offer Training Materials And Resources
The press statement said that both entities would provide educational materials and resources for UK-based crypto holders. They aim to make the tax filing process less complex while ensuring compliance with regulations.
In addition, both entities announced they would provide a three-part educational series on Twitter Space. This will assist UK-based crypto holders in getting ready for the next tax season.
The educational Twitter Space series will take place on January 26th and 30th. It will cover important subjects like crypto and NFT taxes, techniques for maximizing savings, options for finding experts, and an introduction to capital gains.
This initiative aims to close the knowledge gap and ensure that investors are well-informed before the tax filing deadline of January 31st. Meanwhile, Renaud Besnard, CoinTracker’s Head of Marketing, said, “the tax season is getting closer. Hence, it is vital to equip UK citizens with the necessary educational tools and resources to meet the compliance requirements.”
He added that CoinTracker is thrilled to collaborate with a reputable team, such as By The Book Accountancy, to make filing taxes on crypto assets easier and more efficient.
Recent Changes In UK’s Crypto Regulatory Climate
Recently, there has been a significant shift in the way digital assets are taxed worldwide this past year. For instance, the UK Parliament is discussing modifications to its Financial Services and Markets Bill.
The bill aims to give power to local financial watchdogs to regulate the crypto market. In addition, the UK Treasury is considering making certain changes to its financial services laws to accommodate crypto regulatory policies.
This tax regulation grants hedge funds and foreign investors an exemption from paying taxes. Besides, the country’s decision could attract crypto service providers to the UK.
In addition, the UK government will engage in discussions with the Bank of England regarding the implementation of a retail CBDC. The UK is also considering a CBDC as other central banks worldwide open up to the idea of a national digital currency.
UK authorities are also considering creating a new infrastructure sandbox for crypto and the financial markets this year.
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