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      UK PM Rishi Sunak Revokes Tax Payments for Foreign Crypto Buyers | Details Inside

      Prime Minister of the UK, Rishi Sunak is actively working on shaping up the crypto sector for the nation with rules and regulations. Going into 2023, foreigners who are using local British crypto exchanges for buying cryptocurrencies will be exempt from paying taxes.

      In the UK, profits generate out of crypto activities can be tax 20% to 45% depending on the tax bracket the churn income falls under.

      This rule went into effect on 1st January, 2023.

      The tax break will apply to a non-UK resident using a local exchange to make crypto trades.

      An investment manager trading on behalf of a non-UK resident will also be given a relief from paying taxes on profits churn out of crypto trading, an official post about the new rule noted.

      Rishi Sunak aims to establish the country as a hub for cryptocurrency and Web3 industries.

      Rishi Sunak had first announce this rule in December 2022 and had said 1st January, 2023 as the day that the law would go live.

      The British government, that legalised stablecoins last year, is exploring avenues to empower local financial regulators with more authority over the crypto sector.

      In June 2022, the UK release a consultation paper outlining laws to mitigate risks associate with stablecoin projects that fail.

      At the time, the authorities of the UK had decide to grant more control to the Bank of England (BoE) to deal with the issuers of fail stablecoins.

      Treasury officials in the UK have reportedly working with crypto businesses and groups to formulate laws that elevate their performances, and, in return, bring revenues to the country.

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      In July 2022, the UK law commission had propose amendments in the existing property laws to include cryptocurrencies and other virtual digital assets.

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