UK Prime Minister Rishi Sunak has announced that foreign buyers of cryptocurrencies will no longer have to pay taxes on their purchases. The move is part of a wider effort to boost the UK's fintech industry and make it more attractive to investors.
Under the previous tax rules, foreign buyers of cryptocurrencies were required to pay a 20% value-added tax (VAT) on their purchases. This tax applied to all digital currencies, including bitcoin, ethereum, and ripple.
However, Sunak has now announced that this tax will be revoked, effective immediately. The decision is expected to make the UK a more attractive destination for foreign cryptocurrency investors, as they will be able to purchase digital currencies without incurring any additional tax costs.
The UK government is hoping that the move will help to drive growth in the country's fintech sector, which has been hit hard by the COVID-19 pandemic. The government believes that the removal of the VAT on cryptocurrency purchases will help to stimulate investment in the sector and drive innovation.
Sunak's announcement has been welcomed by the UK fintech industry, which has long called for the removal of the VAT on cryptocurrency purchases. Many industry leaders believe that the move will help to make the UK a global leader in the cryptocurrency market.
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