Cryptoassets!

I’ve been doing a bit of digging myself on this topic but my own research is not throwing up much information from reliable sources….

Can anyone point me in the direction of any helpful resources or regulations that confirm how Cryptoassets are to be treated for the purposes of means-tested benefits?

All I’m aware of at this present time is that, if you are someone claiming Universal Credit, you are asked to declare these on your claim form so I would assume from this that any Cryptoassets would be factored in as part of your capital. 

Any guidance would be much appreciated!

Thanks

They don’t know - unless anything has changed?

https://www.whatdotheyknow.com/request/cryptocurrency_policy_documents/response/1948362/attach/html/3/Response%20FOI2021%20101162.pdf.html

Crypto-assets are treated by DWP as being investment assets equivalent to shares. See ADM H1020.

There is plenty of legal debate and discussion over how precisely crypto-assets interact with the legal system, but I think the DWP are probably correct.

The FOI request is a little odd. Cryptocurrency isn’t actually currency but it can still hold value as an asset and therefore be capital. A gold bar is not currency but it is a capital asset.

Elliot Kent - 31 July 2024 01:29 PM

A gold bar is not currency but it is a capital asset.

A gold sovereign is both.  If it’s valued as £1 then there’s a potential way round the capital rules.