The crypto revolution

Gary Ashford considers the various taxati on issues that may arise in the fast evolving world of cryptocurrency

Many of those reading this article will have read about crypto and bitcoin, and may well have a strong opinion that this is a ‘fad’. However, I believe that crypto is definitely not a fad, but will in fact form a very important part of the future fabric of our financial universe – although it may look quite different to the unregulated world we see at the moment.  

Since the introduction of bitcoin in 2009, there has been a proliferation of cryptocurrencies. At a recent count, there are over 8,000! Sir John Cunliffe, Deputy Governor for Financial Stability at the Bank of England, confirmed on 13 October 2021 that cryptoassets have grown by roughly 200% in 2021, from just under $800 billion to $2.3 trillion today. Five years ago, the market was just $16 billion.