In the United Kingdom, HMRC announced new reporting obligations for cryptocurrency holders. The measures aim to enhance tax compliance and identify tax evasion related to crypto profits. This impacts all crypto holders in the UK.
Starting in January 2026, individuals must provide personal details to crypto service providers. Failure to comply may result in a £300 fine. Service providers face similar penalties for non-compliance.
Selling or exchanging crypto may incur capital gains tax. Income tax and national insurance contributions could apply to crypto from employment, mining, staking, or lending. James Murray stated the rules will ensure tax compliance. Jonathan Athow emphasized that this is not a new tax.