Britain Tax Department Called For Tech Solution From Contractors to Fight Crypto Tax Evasion

By Jenny Aurora | January 28, 2020

The tax department of Britain is reportedly putting out contracts, looking for firms that can develop a tech solution in the fight between the tax agency of Britain and crypto cybercriminals. 

Specifically, Her Majesty’s Revenue & Customs (HMRC) has set up an open contract call, with an estimated value around 100,000 pounds sterling, to build the technology, which will collect intelligence via cluster analysis. 

The HMRC’s Cybercrime division expected that this initiative will help with the correlation process of crypto-asset transactions with service providers.  

HMRC – who is not a big supporter of existing free online tools and human analysis – reportedly believed that a commercial tool would assist the agency in bringing clarity to current uncertainties, exploited by criminals to conduct their acts. 

HMRC is looking to initiate tracking and analyzing, at least, major currencies, and should the occasion rises, specifically privacy tokens Monero, Zcash, and Dash – which have been giving regulators a hard time in tracking them.

The Cybercrime division was established with a primary goal of protecting Britain’s tax revenue against attempted fraud. Particularly, HMRC’s repayment feature is easily exploited by complicated and smart criminality – nominally hacking, malicious software (malware), and distributed denial of service. 

Phishing scams, which have adopted the text form from its original email form, stand out to be the one that needed the most attention.

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