Evaluation of the United Kingdom System as A Policy Recommendation on Taxation of Crypto-Assets

Koray Doğanay and Hakkı Odabaş
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Koray Doğanay: Ankara Yıldırım Beyazıt University
Hakkı Odabaş: Ankara Yıldırım Beyazıt University

International Journal of Applied Economic and Finance Studies, 2022, vol. 7, issue 2, 112-126

Abstract: In October 2008, Satoshi Nakamoto published his/her famous article called A Peer-to-Peer Electronic Cash System. Nakamoto, proposed a new electronic payment system based on cryptographic evidence which traditional currencies are replaced by digital currencies, who observing that digital commerce relies on the financial institutions which serving as a trusted third party. After that date, cryptoassets developed rapidly, and reached billions of dollars in volume and thousands of different types. This rapid development of crypto assets has forced states to put into effect some legal and tax regulations in cryptoassets. Although many countries such as the USA and the UK already have a tax regulation on cryptoassets, many countries has not a tax regulation yet. This study suggests the UK practice, which integrates the taxation of crypto assets into the current tax system rather than creating specific tax types for these assets as a policy proposal on taxation of crypto-assets.

Keywords: crypto; cryptocurrencies; cryptoassets; taxation (search for similar items in EconPapers)
Date: 2022
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