British tax authority is still investigating 18 crypto companies



The Financial Services Authority (FCA) reports that 18 companies are being investigated for so-called illegal crypto activities. This is reported by the Telegraph newspaper on 29 December.

According to an official request for information from the newspaper, the FCA revealed that most of its recent investigation into crypto companies that have been operating since May has been discontinued.

It found that 49 of the 67 investigations were terminated, either by a reminder or by lack of evidence to support the original suspicion.

According to the authorities, these figures have the status of 12 November.

As the remaining procedures are still ongoing, the FCA does not provide any further information on the remaining 18 companies under investigation.

Britain is currently in a virtual dilemma with regard to cryptocurrencies. On the one hand, the legislator wants to enforce a strict attitude towards industry, which, however, is being considered with strong criticism from the domestic crypto industry.

In October, the British Business Federation Authority published a report stating that "bad regulation is worse than no regulation", and describes government action as "boring" in this respect.

This month the British tax office has issued a first template for taxing cryptocurrencies. Initially this only applies to private investors, but will be supplemented later for companies.

According to Sky News, more than 300 crypto companies stopped their activities in 2018.

At the same time, a recent study found that the awareness of cryptocurrencies such as Bitcoin (BTC) in the UK is very high.


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