On 22 October 2026, HMRC confirmed that cryptoassets (including cryptocurrencies, utility tokens, and stablecoins) are subject to existing VAT rules with no bespoke regime. The guidance clarifies that mining and staking rewards are generally outside VAT scope, while exchange services are exempt under financial services provisions. NFTs are treated as standard-rated digital services unless they qualify as unique collectibles.
Key Takeaways
- Existing Framework Applies: Businesses must apply current VAT exemptions for financial services to crypto exchange activities.
- NFT Classification Critical: VAT treatment depends on whether the NFT grants access to a service or represents a collectible asset.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement