United Kingdom





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General adoption

UK policy thinking in relation to cryptocurrencies is still actively developing. The United Kingdom’s approach to cryptocurrency regulations has been measured but has matured in the post-Brexit financial landscape. Although the UK confirmed in 2020 that crypto assets are property, it has no specific cryptocurrency laws and cryptocurrencies are not considered legal tender.

Government View

Cryptocurrencies are not regulated in the U.K., meaning people are not protected by consumer protection laws if their funds are lost for any reason — for example in a hack on an exchange.

Blockchain Projects

Taxes and Regulation

From 10 January 2021, all UK crypto asset firms (including recognized cryptocurrency exchanges, advisers, investment managers, and professionals) that have a presence or market product in the UK, or that provide services to UK resident clients, must register with the Financial Conduct Authority (FCA). There is no prohibition or ban on cryptocurrencies in the UK, nor does the UK have a financial regulatory regime for cryptoassets. Currently there are no bespoke UK tax rules applicable to cryptoassets. Therefore, existing tax principles and rules apply generally. Capital gain tax and income tax may apply to dealings in cryptocurrencies depending on the circumstances. These taxes may apply not only when trading crypto to fiat money but also upon disposal of the currency in exchange for goods, services, exchanging a currency for another or even gifting it to another person. There are no border restrictions or requirements to declare cryptocurrency holdings when entering the UK.

Trading Methods


You may withdraw money from crypto using PayPal or Instant Card Withdrawals. In order to buy crypto you should transfer fiat currencies to your wallet using Faster Payment or SEPA Transfer. You may also withdraw money using these options but it may take some more time.


Many people buy and sell cryptocurrency as an investment. This means that HMRC views them as assets (it doesn’t recognize them as currency or money) and you’ll need to pay tax on the profit you make. Therefore the company who manages your wallet will have to declare it’s profits to the UK HMRC.

Last Updated

Monday, 31 October, 2022

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