The maximum U.K' tax authority HM Revenue and Customs (HMRC), is on the market looking for a Blockchain tool that will help them track and identify cybercriminals, operating in crypto space.
The Blockchain tool is on the radar from the tax agency, that want to analyze crypto transactions being on the lookout for the main Cryptocurrency from the market, Bitcoin, Ethereum which mostly are used for "tax evasion and money-laundering.
The British tax authority will invest £100,000 to have this tool developed and there are potential Firms that could provide it, such as the Chainalysis, Elliptic and CipherTrace, as those are Blockchain analytics Companies that help track transactions on the network.
There's a constant worry about the crimes happening in the crypto sphere, and this tool will also benefit to get more knowledge, how many illegally crypto moves are happening, as those transactions occur on a open Ledger.
Last year, many crypto firms was flagged conducting Ponzi schemes or scams, and without a Blockchain tool like this one, which is on proposal for the British tax authority passed without knowing, where they came from and if their citizens also participated in those projects.
The Blockchain tool will be much appreciated if could also, track the privacy coins, that are mostly used to launder this illegal assets coming from crypto sphere.
Earn 1UP tokens from your content and start your journey with 100 1UP at Uptrennd...
