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Tracing Privacy Coins - UK Tax Authority Offers Substantial Bounty

 
Tracing Privacy Coins - UK Tax Authority Offers Substantial Bounty
Breaking News / Crypto Market
  • The United Kingdom’s tax authority has granted a bounty of $130k to anyone that is able to efficiently track and find crypto criminals.
  • But the question has been raised as to whether this means for privacy coins as well as financial anonymity.

As the HM Revenue and Customs (HMRC) looks into a crypto asset blockchain analysis tool, the United Kingdom’s tax authority has granted a bounty of $130k to anyone that is able to efficiently track and find crypto criminals. But the question has been raised as to whether this means for privacy coins as well as financial anonymity.

The tax agency is searching for an anonymous way to look into some of the biggest cryptocurrencies in the industry. This includes the leading cryptocurrency bitcoin, Ethereum and Tether. The HMRC hopes to get a crystal clear insight on cryptocurrency and its users to help tackle the evasion of tax as well as money laundering.

The HMRC have explained all the specifics of the whole analytical process:

“Provision of a tool that will support intelligence gathering methods to identify and cluster Cryptoasset transactions into linked transactions and identify those linked to Cryptoasset service providers.”

In response to the tax service offering a bounty of such measures for the creation of this kind of tool, the CEO of Luno - a bitcoin storage firm has said that the kind of thing the HMRC are after are already available. Marcus Swanepoel stated:

“There are a number of blockchain and transaction monitoring tools available which allow every transaction inwards or outwards to be screened against known sanctioned addresses, high risk exchanges, dark web marketplaces, stolen funds etc. Transactions can be stopped and appropriate action taken on accounts which conduct illicit activity.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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