The UK’s HM Revenue and Customs (HMRC) is pushing to expand its powers to investigate crypto asset information, proposing to allow tax authorities to directly retrieve customer data from crypto asset service providers and to update rules for software and electronic record checks. UK crypto tax software company Recap has warned that the proposed definition of service providers is too broad, potentially encompassing non-custodial wallet software, blockchain explorers, hardware wallet manufacturers, and tax software providers. Given the public and transparent nature of Bitcoin transaction records, once an investor's name, address, and tax identity are linked to an on-chain wallet address, it could expose their long-term asset activity records, increasing the risks of data breaches, extortion, and personal attacks.
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HMRC Proposes Expansion of Crypto Asset Information Retrieval Powers
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