VAT Clarifies Crypto Asset Taxation: New Rules for Transactions, Mining, and Record-Keeping

VATP040 provides clear VAT rules for crypto asset transactions.
Defines “virtual asset” and its role in taxable supplies.
Crypto-to-fiat exchanges may be VAT exempt; crypto-for-goods/services is taxable.
Details VAT treatment for mining, brokerage, and exchange services.
Sets record-keeping requirements for wallet-based transactions.

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.