Capital gains when crypto token is changed

I have a Crypto and the project team are changing their token. They want to increase the number of tokens. This new token will replace the existing token (so old token is being replaced with a new token). For every one of the current token they are giving 10 of the new token. At the moment I have 1000 tokens. These token will be sent to the project team and they will send me 10,000 of the new tokens - these are brand new token and have been created to replace the existing token. The old token will then be made obsolete and replaced with the new token. How do I deal with this in terms of my records for capitals gains. Is this a disposal and acquisition and I have to pay for capital gains (profit or loss on the difference). Or is simply the new token replace the new tokens. I don't want to get HMRC knocking on my door so would welcome some guidance.

Hi,
You would treat this the same as if it was a shares reorgansiation. You can see guidance here:
HS285 Share reorganisations, company takeovers and Capital Gains Tax (2024)
Thank you.

Thank you very much for confirming that. Just to confirm my understanding, if I have crypto (or shares) and the business replaces them with new crypto (or shares) there is no disposable or acquisition for capital gains purposes. All that happens in that the new crypto (or shares) replace the old ones and my purchase price was whatever I paid when I purchased the old crypto (or shares). I have to say that is a very fair approach as I did not sell and the change was forced onto me by the company. Please can you confirm if my understanding of the guidance is correct.

Hi ,
 

It follows the same principle as shares - see  :  Capital Gains Tax: share reorganisation, takeover or merger  . Thank you .