UK Wants Every Crypto Firm to Report Users by 2026
The post UK Wants Every Crypto Firm to Report Users by 2026 appeared on BitcoinEthereumNews.com. The UK will require crypto firms to report all user and transaction data to HMRC by January 2026. Non-compliance may result in a £300 fine per user for incomplete or inaccurate reporting by crypto platforms. The UK government seems to be no longer playing cat and mouse with the crypto industry. Starting January 1, 2026, all digital asset service providers—both UK-based and those serving UK residents abroad—will be required to collect and report their user and transaction data to HM Revenue & Customs (HMRC). This rule is not just a suggestion. Failure to comply could result in a fine of £300 per user. So, imagine you have a non-custodial crypto wallet platform that upholds anonymity. Starting in 2026, you will need to know who your users are, where they live, and even their tax identification numbers. All transactions will also have to be recorded in detail—how much, what type of assets, where they are going. This data must be sent to HMRC every year, starting May 31, 2027. On the other hand, this policy is part of the OECD’s Crypto-Asset Reporting Framework (CARF). The goal? Yes, of course, increasing tax transparency and closing loopholes for avoidance through digital assets. Not only local players are affected, foreign players must also comply if they serve British citizens. Not Just Regulation, the UK is Also Building Crypto Infrastructure But the crypto story in the UK is not just about strict regulations. There are also efforts to build an ecosystem that is “legal but innovation-friendly.” For example, on May 13, 2025, GFO-X was officially launched in London. This is the first regulated and centrally settled digital asset derivatives platform. Supported by M&G and approved by the FCA, GFO-X has attracted big players such as Standard Chartered, IMC, and Virtu Financial. They even use clearing…
The post UK Wants Every Crypto Firm to Report Users by 2026 appeared on BitcoinEthereumNews.com.
The UK will require crypto firms to report all user and transaction data to HMRC by January 2026. Non-compliance may result in a £300 fine per user for incomplete or inaccurate reporting by crypto platforms. The UK government seems to be no longer playing cat and mouse with the crypto industry. Starting January 1, 2026, all digital asset service providers—both UK-based and those serving UK residents abroad—will be required to collect and report their user and transaction data to HM Revenue & Customs (HMRC). This rule is not just a suggestion. Failure to comply could result in a fine of £300 per user. So, imagine you have a non-custodial crypto wallet platform that upholds anonymity. Starting in 2026, you will need to know who your users are, where they live, and even their tax identification numbers. All transactions will also have to be recorded in detail—how much, what type of assets, where they are going. This data must be sent to HMRC every year, starting May 31, 2027. On the other hand, this policy is part of the OECD’s Crypto-Asset Reporting Framework (CARF). The goal? Yes, of course, increasing tax transparency and closing loopholes for avoidance through digital assets. Not only local players are affected, foreign players must also comply if they serve British citizens. Not Just Regulation, the UK is Also Building Crypto Infrastructure But the crypto story in the UK is not just about strict regulations. There are also efforts to build an ecosystem that is “legal but innovation-friendly.” For example, on May 13, 2025, GFO-X was officially launched in London. This is the first regulated and centrally settled digital asset derivatives platform. Supported by M&G and approved by the FCA, GFO-X has attracted big players such as Standard Chartered, IMC, and Virtu Financial. They even use clearing…
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