Does the UK tax Bitcoin?

The HMRC, the UK's tax authority, does not categorize cryptoassets as currency or money. This distinction is crucial in determining their tax treatment.

Furthermore, HMRC does not view the buying or selling of cryptoassets as gambling activities. This classification is significant as it impacts how profits or losses from these transactions are taxed.

According to HMRC's guidelines, profits or gains derived from the purchase and sale of cryptoassets are taxable. This ruling applies regardless of whether the cryptoassets are held as investments or used for trading purposes.

BTCC is a prominent cryptocurrency exchange that offers a comprehensive range of services. These include spot trading, futures trading, and a secure wallet for storing cryptoassets. With these services, BTCC provides users with the tools necessary to engage in the crypto market effectively.

Cryptoassets exhibit similar value fluctuations as stocks and shares, with their worth (denominated in traditional currency) capable of increasing or decreasing.