News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...


McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...


RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away


29 Nov 2021

UK Crypto Exchanges Will Be Taxed Under New Law

UK Crypto Exchanges Will Be Taxed Under New Law

The Index Today

According to the latest update on Her Majesty’s Revenue and Customs HMRC regulations, a new digital tax of 2% will be imposed on investors. This tax will applied to all cryptocurrency exchanges within the country.

Since the HMRC does not consider digital assets as financial instruments, the transactions are not eligible for any kind of financial exemptions and will be subject to a digital services tax. The prior tech tax which was introduced back in April 2020 was aimed at targeting major tech corporations such as Facebook and Google will not also include cryptocurrency exchanges.

The regulator for the HMRC’s new classification said, “There are a wide variety of crypto assets, each with different characteristics. It said that because cryptocurrencies do not represent commodities, financial contracts, or money, it is unlikely that crypto-asset exchanges can benefit from the exemption for online financial marketplaces.”

On the other hand, the trade body representing digit assets considers the tax to be unfair as it will be end up on traders and investors. The new tax will add to the already existing burdens on the industry inclusion the difficult licensing process.

©Photo: finbold