
Cryptoassets and underpinning them distributed ledger technology
have attracted significant attention globally. Spread of transactions
with cryptoassets caused countries to develop their own strategies in the legal regulation and tax treatment of cryptoassets and dealings with them.
This article provides an overview of cryptoassets and the underlying
technology, represents the main activities with cryptoassets focusing
on cryptocurrencies, i.e. Bitcoin, Litecoin and equivalents. Despite the absence of their support by central banks or other central bodies
cryptocurrencies are commonly used as means of exchange or for
investment.
The nature of cryptocurrencies and the types of transactions with
them determine their tax treatment. The article considers the
position of HMRC that denies the recognition of cryptocurrency as of
currency or money and highlights the intangible nature of
cryptoassets.
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