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      UK HMRC Seeks to Expand Crypto Asset Investigation Powers

      PANews reported on October 8, citing Forbes, that the UK's HM Revenue and Customs (HMRC) is pushing to expand its investigative powers over crypto asset information, proposing to allow tax authorities to directly obtain customer data from crypto asset service providers and to update rules for inspecting software and electronic records. UK crypto tax software firm Recap warned that the proposed regulations' definition of "service provider" is overly broad and could cover non-custodial wallet software, blockchain explorers, hardware wallet manufacturers, and tax software providers. Since transaction records for cryptocurrencies like Bitcoin are public and transparent, once an investor's name, address, and tax identity are linked to an on-chain wallet address, their long-term asset activity records could be exposed, increasing the risk of data breaches, extortion, and physical attacks.


      Source: PANews
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      Terra Founder Do Kwon Sentenced to 15 Years in Prison for Fraud