UK Banker Urges Crypto Tax to Drive Investment Into Local Stocks

She raised concerns about younger generations choosing crypto over shares. Gordon stated, "It should terrify all of us that over half of under-45s own crypto and no equities". She would like to see the stamp duty on share purchases reduced and the same tax applied to crypto.

Gordon argued that reducing the cost of buying shares could encourage more people to invest in UK companies. If more people bought local stocks, it might lead to more companies deciding to go public in the UK.

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Unlike shares, crypto does not help businesses grow or create jobs. Gordon described it as an asset that does not feed back into the economy, while stocks help companies raise money, hire staff, and pay taxes.

Additionally, Gordon stated that many people chose to save rather than invest. However, she warned that this approach is unlikely to give people enough money to live on when they retire.

As of writing, buying shares listed on the London Stock Exchange comes with a 0.5% tax. This brings in about £3 billion (around $3.9 billion) each year. Crypto purchases, however, are not subject to the same tax.

On March 21, Australia introduced plans to regulate crypto exchanges and custodial services under existing financial laws. How would the rules be applied? Read the full story.