what do you think you are taxed on then? remember the tax system works on where you are tax resident, not where you physically locate (though normally the same). if you dispose of assets overseas you are still liable for taxes in UK if tax resident. lots of precedent is set with currency and stock trading, cant sell them somewhere else, say NYSE, and avoid tax.
Sorry this was in response to @sydney and his expectation that crypto can be a tax black hole. You are correct and in fact cryptotaxcalculator a Koinly rival is Australian, which suggests that the Aussie tax authorities are approaching this along similar lines to the UK.
it is only taxable once it comes out of your wallet i.e the profit is realised into cash , i have discussed this at length with my accountant , members of the public can no longer claim capital losses either , only lay these losses off against future gains.
I am not aware of any recent changes to offsetting capital losses, you can still use them against current gains.
im in OZ , capital loses can be offset against gains once realised but you cannot use them as a write off on earnings......the rest of it you could argue all day long about , you could have 15 k profit sat in your wallet but until its realised it's not profit is it...?? i'd argue till the cows come home , when i transfer 15 k out of my crypto to my bank account i expect to pay tax on it but if it's still in my wallet they can jog the fark on.
In UK if you look at crypto in a wallet that is no different from shares with a stockbroker - everytime a share is disposed of a capital event occurs so a capital profit or loss is made, it matters no iota if the cash is used to purchase a new share or retained by the stockbroker and never appearing in your bank account.
Same rules in Oz as in UK - from https://community.ato.gov.au/s/arti...axes#3a9b6cb2-46e7-4f60-afb4-f5be399600a4-111: