A consultation paper published by the UK tax authority, HMRC, has proposed that the authority be granted new powers to help it regulate the 'hidden economy'. Under the powers HMRC has asked to be granted, it would be able to demand aggregated and transactional level data from digital wallet providers, and other types of payment provider. The proposals are part of a wider review into how HM Revenue & Customs can better tackle money laundering in the UK.
A consultation paper published by the UK tax authority, HMRC, has proposed that the authority be granted new powers to help it regulate the 'hidden economy'. Under the powers HMRC has asked to be granted, it would 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 develop.