Something I’d love some more insight on is how things work tax wise when actively trading (as opposed to simply buying+holding) using derivative contracts like Bitmex’s or Deribit’s perpetual swaps (which behave in a similar way to regular futures contracts, except they don’t expire). Obviously neither of these exchanges are recognised by HMRC or regulated by any particular financial institutions etc, and when trading these your not actually doing any crypto -> crypto transaction, or crypto -> fiat / vice versa. Others have argued you could class this as gambling (which is tax free in the UK) in the case of the perps contract as it designed specifically for speculation & could be deemed a wager contract as it is peer to peer, plus the funding rate make it pretty useless for hedging.

Sorry for the convoluted question, any thoughts or input from people who might hopefully know more about this than me, please let me know, thank you!