As cryptoassets continue to plummet as economic and inflationary pressures continue to challenge global financial markets and further falls are expected as the bear market tightens its grip.

However, UK cryptoasset investors can ‘bank’ losses with the tax authorities and offset against future gains, according to accountants, business and financial advisers Kreston Reeves.

Paul Webster, a director in the firm’s private client tax team, said that whilst ...