Future of cryptocurrencies: Taxes set to make investing more expensive

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Some of the biggest cryptos are bitcoin, Dogecoin and Ethereum.

Despite the market’s reputation for being highly volatile, cryptocurrencies continue to attract investment.

So how are these currencies taxed?

Under current rules, Brits looking to invest in cryptocurrencies in a small way shouldn’t be faced with a heavy tax bill.

Crypto expert, Tim Crook, Head of tax at Gherson Solicitors told Express.co.uk: “At present crypto assets are taxed in much the same way as most other investments (such as shares) and on a disposal, any gains made are within the scope of capital gains tax at 10 percent or 20 percent (subject to a tax-free annual allowance of £12,300)”.