UK unveils crypto tax crackdown
News snapshot
- New UK tax rules to enforce user disclosure
- Trading platforms must report trades
- Aligns with US-style crypto tax frameworks
- HMRC seek to generate £315mln for public services by 2030
The UK government has unveiled a sweeping set of tax reporting rules for cryptocurrency users, aiming to boost transparency and raise £315 million in revenue by 2030.
The new measures, introduced by HM Treasury and HMRC, require both individual users and crypto platforms to provide detailed transaction and identity data starting January 2026.
All crypto asset holders (including those trading Bitcoin, Ethereum, and NFTs) must submit their personal details to the platforms they use.
At the same time, service providers such as exchanges and DeFi platforms will be responsible for collecting and reporting this data to tax authorities.
Failing to do so could result in penalties of £300 per user, the UK government says.
The so-called crackdown aligns the UK with the OECD’s Cryptoasset Reporting Framework, and mirrors reporting expectations in jurisdictions like the United States.
“Tax dodgers have nowhere to hide,” said Exchequer Secretary James Murray MP, adding that the move will support critical public services, including law enforcement and healthcare.
The regulations have drawn concern from crypto traders over rising compliance burdens, but officials argue the rules are vital to closing the tax gap and enhancing trust in digital finance.
