Susie on Nostr: HMRC wants greater access to your Bitcoin records, but what happens if that ...

HMRC wants greater access to your Bitcoin records, but what happens if that information falls into the wrong hands, along with your name and home address?

You can change a password, but you cannot change your identity or your Bitcoin transaction history.

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Could HMRC's proposed new powers put Bitcoin holders at greater risk of physical attack?

HMRC wants to expand its powers to demand information from crypto businesses, but UK tax software firm Recap warns that the draft definition could also capture businesses that never hold customer funds, including:

- Tax software providers
- Wallet manufacturers
- Block explorers

Once a name and home address are linked to a Bitcoin address, that connection can remain long after a tax inquiry has ended. If the information falls into the wrong hands, it could expose individuals to theft, extortion or physical attacks.

Read the full article on our blog.

https://bitcoinpolicy.uk/blog-1/f/hmrc%E2%80%99s-proposed-crypto-powers-could-raise-physical-security-risks

Susie (npub1hwg…03sg)