CryptoBigBox

UK Tax Authority introduces new rules for crypto platforms

The UK tax authority HMRC has announced that from January 1, 2026, all crypto platforms operating in the country or serving UK users will be required to provide government authorities with detailed data on users and their transactions.

cryptocurrencies
cryptocurrencies

This innovation is aimed at increasing the transparency of the crypto market, tightening tax controls and bringing the regulation of digital assets closer to banking standards. Starting from the new year, companies will have to collect information about each client, including full name; residential address; tax identification number (TIN). They will also report on all transactions, including the type and amount of crypto assets; transaction value; nature of the transaction (purchase, sale, transfer, staking, etc.).

These requirements apply to both local and foreign platforms if they deal with UK citizens. HMRC explained that the aim of the innovation is to improve control over the declaration of income from digital assets. There are strict measures for incomplete or late reporting:

  • fines of up to £300 for each user for whom data was not provided;
  • Additional sanctions are possible for systematic violations.

The regulator can also suspend the activities of platforms that do not comply with the rules, especially if they do not implement the necessary data collection systems in advance.

Earlier, the UK Financial Conduct Authority (FCA) announced plans to ban individuals from purchasing crypto assets using borrowed funds, including credit cards.

Comments
Name
This field is required
Email
This field is required
Comment
This field is required
0 / 1500
Similar news
CryptoBigBox uses cookies to enhance your browsing experience. If you continue to use this site, you consent to our use of cookies. Details