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.