{crypto exchange guide}
joined sep 2019
share {crypto exchange guide} and generate bitcoin with reference codes.
77 topics on {crypto exchange guide}
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Gouldy
by  Gouldy
Buying Bitcoins
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Favoured Reviews Format:
+6
clifton
by  clifton
New Crypto rules.How does it effect here?
https://www.dlnews.com/articles/regulation/uk-crypto-firms-told-report-user-transaction-risk-penalties/
+4
TWDuke
Hi clifton

I've repeatedly tried to warn biggas about this without being too explicit (not mentionning some Gov related keywords).

The way I've dealt wiht it is that I closed my Revolut account at the end of 2024 and am siting tight and watching what will happen next.

Some biggas could be in for mighty fines and big trouble.

Cheers
+5
ig88420
small time weed buyers using crypto will not be fined. The fines mentioned in the article are for the companies themselves. The regulations may make buying more problematic from Jan 2026 onwards. Peoples accounts may be restricted or suspended, but there will be no financial or legal difficulties for past buying behaviour.
+8
pollypuff23
I totally agree with this. We keep getting our knickers in a twist but there is no offence of buying weed online -offences cover possession and supply not crypto purchases for personal use. Sure companies can ask for more information about your transaction but I do not think they’re going to be able to check that information. My bank contacted me several times wanting to know about my small purchases of crypto. The first time I told them I was building a crypto portfolio. The second time I said I was buying medicinal cannabis. They said that’s okay we just need to make sure you are not being coerced or scammed. I really wonder whether anybody gives a shit about personal use by post.
+3
MightyRux
I bloody hope so, Pol!
+2
cheeching
Doesn’t the ‘building a portfolio’ reason not just mean they have already ticked the box on you for potential capital gains tax. Can’t even spend the money we earned that is already taxed without it being taxed again….wonder what LB can do to adapt for this because it could kill the business on here. It might be scaremongering but either way I don’t likely…
+1
TWDuke
Hi Cheeching

That's exactly what my finance officer told me at work: the bastards tax you twice.

She invests in crypto but for long term gains only.
+2
TWDuke
Hi Polly

Your bank is not the problem the problem is going to be Exchanges reporting all your crypto transactions to the Taxman:

Quoting (but you'll find more if you do your own research):
https://x.com/UKCBT_org/status/1924473318297764236
#################################
From 1 Jan 2026, UK-based cryptoasset service providers must collect and report user data to HMRC, under the Crypto-Asset Reporting Framework (CARF), aligning with OECD standards.

🔍 Who’s affected?
Any platform that facilitates crypto transactions : exchanges, brokers, dealers.

📊 What data is required?
• Individuals: name, DOB, address, tax ID
• Entities: legal details + controlling persons
• Transactions: type, units, value
📅 First report due: 31 May 2027 (for 2026 activity)
✅ Systems must be CARF-ready by 31 Dec 2025
💥 Penalties: Up to £300 per user for non-compliance. Senior management may be held liable.
#################################

I'm not 100% certain of what will happen but I can tell you I'm already being burned by mandatory reporting of online selling platforms to the Taxman. They use AI to sift through the data and spot suspicious transactions.

Right now my approach is lto lay low and investigating P2P / non-KYC.

Better safe than sorry!
+3
pollypuff23
Sorry mate, but am I missing a point here? Surely you are only liable for tax on your crypto earnings. What’s that gotto do with buying weed? Personally I don’t stake any crypto. I literally just load up my wallet when I want to buy so where is the problem?
+2
MightyRux
You are, Pol. They consider potential profit at the time of disposal of the crypto (in this case, by buying weed) for the purposes of Capital Gains. The threshold for that is £1k, I believe, so I can't see that I'd need to declare, as I rarely hold it for long, and often also make losses which would offset the gains. Hopefully they either don't notice, or agree if they do...
+2
pollypuff23
Again though that’s just paying tax on gains. So what?
+2
MightyRux
So if it's less than £1000 in gains (not in purchases), and you have no other things to consider for the calculation, then it's fine...right...? They can talk to my accountant, again...
+2
TWDuke
Hi MightyRux

Technically if you make less than 3K£ of Capital Gains in 25/26 you should not pay CGT.

The problem is that they expect you to keep the following records in case they carry a compliance check:

You must keep separate records for each transaction, including:

type of tokens
date you disposed of them
number of tokens you’ve disposed of
number of tokens you have left
value of the tokens in pound sterling
bank statements
a record of the pooled costs before and after you disposed of them

You may also want to keep other records such as wallet addresses.

HMRC might ask to see your records if they carry out a compliance check.

Some cryptoasset exchanges can provide reports of your transactions. These reports can be essential for working out how much tax you owe. However, these reports are not tax calculations and will not keep track of your pooled costs.
+3
MightyRux
Yeah, they can fuck right off with that. I can barely keep track of legitimate records, let alone crypto weed purchase ones.
+1
TWDuke
Hi Polly

MightyRux has it right in his post below.

CGT allowance is 3000£ for 25/26.

You are expected to track and report every transaction where you dispose of crypto to purchase services and goods even if it's a loss.

From the horse's mouth:
Individuals need to calculate their gain or loss when they dispose of their tokens to find out whether they need to pay Capital Gains Tax. A ‘disposal’ is a broad concept and includes:

selling tokens for money
exchanging tokens for a different type of token
using tokens to pay for goods or services
giving away tokens to another person (unless it’s a gift to their spouse or civil partner)

I am like you I never hold onto crypto but if I do not report those disposals and they start mining the data sent to them by the UK KYC Exchanges they will come for me with big trouble.

You might think that they won't have the staff and resources but the bastards now use AI to mine the data, I even found an FOI from late 24 where someone was asking them to divulgate the AI algorithmn which they use and they blocked it.
+1
bevbevan1
It'll be fine always been a cat and mouse game.. I've just been putting sending to myself so good luck to them 😂
+1
cheeching
Yeah how are they going to track all this. Doesn’t it mean it’s going to be worse for the vendors who are raking it in….i send to myself but then from exodus wallet purchase, does that not then look like I am accumulating crypto…
+1
cheeching
The article mentions that these crypto banks should start collating the data now in readiness…whether they will or won’t is anyone’s guess but I would venture they will start soon so they have their houses in order go for Jan 2026. Is it time to call it a day I wonder or how would one work around this
+3
Psychonauts
Should we be optimistic thats it’s only from 2026?
+1
cheeching
We could be, but it’s financial services, and those guys don’t mess about when it comes to keeping their house in order. Perhaps it’s time to lay low and see where the dust settles. I just hope LB comes up with some alternative ways for users to purchase now that doesn’t drag us all down via the taxman
+1
Foxy2022
This is a much more serious issue than is being talked about on here. Most folk seem quite blasé about it but having experienced an audit first-hand they dont play around. LB`s reliance on a single form of Crypto has always been a bit of an issue but from next year (probably later this year tbh) it's going to become a very serious problem I suspect. I love this place & want to see it continue & grow but if it just stays as-is in the face of the new regs I`m not sure how it survives.

Anyone who has not actually looked at the reporting requirements should have a proper look at them. It's bad enough as a customer, as a vendor I would be very nervous I think.

Is it a solvable problem? Yes of course it is, all problems are but given we have be clamouring for alternative payment options for literally years at this point & we are still stuck on BTC only I`m not sure it will get solved.

Governments were never going to tolerate the "Wild West" approach of Crypto for very long, they like control too much.I am reluctantly looking into other options as I dont need the stress of every transaction potentially triggering an investigation. What would you realistically tell them anyway?
+1
mitch2471
I’m surprised that a site like LB hasn’t embraced XMR/Monero. The last time I checked it was one of the few untraceable crypto’s. Easily exchangeable for other digital currencies. It would seem ideal for LB purposes.
That all said & done I don’t know how this tightening of rules & regulations is going to effect a currency like Monero.
+1
cheeching
Oh ffs, so what is going to be the best way around this now. Should I be closing my CB account, and just give up on LB. Surely this is going to kill the site and its users unless a new approach is found
+2
cheeching
Just closed my Revolut acc which I never used anyway…everything I do is on CB, but I then use exodus wallet
+1
TWDuke
Hi Cheeching

That's what I've done too.

Looking at P2P and non-KYC.

Some places in Europe still have crypto ATMs but this a an OECD initiative supposedly to fight money-laundering and such things.
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