By John Glenday

Embattled virtual currency Bitcoin has received a fillip from Britain’s HM Revenue & Customs following the tax authority’s decision to scrap VAT on all trades in the fledgling money.

The UK’s position stands in stark contrast to other regulatory regimes, which have viewed Bitcoin as a shady vehicle for tax evasion and money laundering – a sentiment not helped by the recent collapse of one of the currency’s leading exchanges, Mt Gox, which left depositors $500m out of pocket.

HMRC’s decision means that the 20 per cent tax will not be applied on trades nor the margins earned either, effectively classifying Bitcoin Read full story ›

Source: The Drum