VAT
VAT may be applicable where the individual has a crypto business activity (ie a financial trade), or has a traditional business (like consultancy) where they receive payment from customers in cryptoassets.
HMRC's guidance on this is at CRYPTO45000.
Mining
Exchange tokens received by miners for their exchange token mining activities will generally be outside the scope of VAT on the basis that:
  • the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration; and
  • there is no customer for the mining service
When exchange tokens are exchanged for goods and services, no VAT will be due on the supply of the token itself.
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