A consultation paper published by the UK tax authority , HMRC , has recommended that the authority be granted new powers to help it regulate the ' hidden economy ' . Under the powers HMRC has asked to be granted , it will be able to demand aggregated and transactional level data from digital wallet providers , and other types of payment provider . The government plans to give the HM Revenue and Customs more power to tackle the “hidden economy” of businesses who fail to register for tax and individuals who fail to declare a source of income. As digital / crypto wallet providers attempt to offer potential customers enhanced privacy through their services , citing it as an improvement on prior available services , various authorities , such as HMRC , continue to seek the power to in effect nullify this privacy in the name of security and regulation ; the regulatory landscape around this issue continues to change .
A consultation paper published by the UK tax authority , HMRC , has recommended that the authority be granted new powers to help it regulate the ' hidden economy ' . Under the powers HMRC has asked to be granted , it will be able to demand aggregated and transactional level data from digital wallet providers , and other types of payment provider . As digital / crypto wallet providers attempt to offer potential customers enhanced privacy through their services , citing it as an improvement on prior available services , various authorities , such as HMRC , continue to seek the power to in effect nullify this privacy in the name of security and regulation ; the regulatory landscape around this issue continues to change .