UK cryptoasset registration
Cryptoassets are described by HMRC as cryptographically secured digital representations of value or contractual rights that use some type of distributed ledger technology (DLT) and can be electronically transferred, stored and traded. The distributed ledger technology (DLT) like blockchain, are not issued or backed by a central bank or other authority. Hence, the HMRC does not consider cryptoassets to be currency or money. Moreover, cryptoassets are considered very high risk, speculative investments. Cryptoassets are called by several names like exchange tokens, cryptocurrencies, cryptocoins, or payment tokens as; they intend to use it as a method of...