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UK to Require Crypto Firms to Report All User Transactions Starting January 2026
The UK government has announced that, starting from January 1, 2026, all crypto asset service providers (CASPs) will be required to report user transaction data. This move aligns with the OECD’s Crypto-Asset Reporting Framework (CARF), aimed at enhancing global tax transparency and preventing tax evasion.
What Will Be Reported?
Under the new rules, crypto firms must collect and report the following details:
User identity, tax residence, and taxpayer identification number (TIN)
Details of all crypto transactions including purchases, sales, exchanges, and transfers
Types and quantities of crypto assets held by each user
These reports must be submitted annually, with the first report due by May 31, 2027.
Penalties for Non-Compliance
If a crypto firm fails to comply with the reporting obligations, it may face penalties of £300 per user. These fines follow the model rules outlined by the OECD for digital platforms to ensure consistent enforcement across jurisdictions.
Impact on Users
UK crypto users should be aware that their transaction data will now be visible to HMRC (Her Majesty’s Revenue and Customs).
If a user has not reported past crypto income or gains, HMRC could use the reported data to assess taxes retroactively and impose fines or interest.
Background of UK’s Crypto Policy
The UK government is actively working to bring crypto assets under regulatory oversight similar to traditional financial assets.
The Financial Conduct Authority (FCA) has already introduced strict advertising and marketing rules for crypto products, and by 2026, all crypto service providers operating in the UK will be required to obtain formal authorization.
Summary
Reporting starts: January 2026
First submission deadline: May 31, 2027
Firms must report user identity and transaction data
Penalty for non-compliance: £300 per user
HMRC will gain direct access to user crypto data
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UK to Require Crypto Firms to Report All User Transactions Starting January 2026
The UK government has announced that, starting from January 1, 2026, all crypto asset service providers (CASPs) will be required to report user transaction data. This move aligns with the OECD’s Crypto-Asset Reporting Framework (CARF), aimed at enhancing global tax transparency and preventing tax evasion.
What Will Be Reported?
Under the new rules, crypto firms must collect and report the following details:
User identity, tax residence, and taxpayer identification number (TIN)
Details of all crypto transactions including purchases, sales, exchanges, and transfers
Types and quantities of crypto assets held by each user
These reports must be submitted annually, with the first report due by May 31, 2027.
Penalties for Non-Compliance
If a crypto firm fails to comply with the reporting obligations, it may face penalties of £300 per user. These fines follow the model rules outlined by the OECD for digital platforms to ensure consistent enforcement across jurisdictions.
Impact on Users
UK crypto users should be aware that their transaction data will now be visible to HMRC (Her Majesty’s Revenue and Customs).
If a user has not reported past crypto income or gains, HMRC could use the reported data to assess taxes retroactively and impose fines or interest.
Background of UK’s Crypto Policy
The UK government is actively working to bring crypto assets under regulatory oversight similar to traditional financial assets.
The Financial Conduct Authority (FCA) has already introduced strict advertising and marketing rules for crypto products, and by 2026, all crypto service providers operating in the UK will be required to obtain formal authorization.
Summary
Reporting starts: January 2026
First submission deadline: May 31, 2027
Firms must report user identity and transaction data
Penalty for non-compliance: £300 per user
HMRC will gain direct access to user crypto data
Braking News !
$BLUM Co- Founder Arrested ⚠️⚠️
What will Bulm you pay?What do you think?Tell me in the comments.#BLUM #brakingnews $BTC
$BLUM Co- Founder Arrested ⚠️⚠️
What will Bulm you pay?What do you think?Tell me in the comments.#BLUM #brakingnews $BTC
BREAKING IN:
MARA CEO says "#Bitcoin is a national security concern for this country."
"The US must maintain dominance."
#brakingnews #CPI_DATA #CPI_BTC_Watch
MARA CEO says "#Bitcoin is a national security concern for this country."
"The US must maintain dominance."
#brakingnews #CPI_DATA #CPI_BTC_Watch
#Brakingnews
Breaking News: Notorious North Korean Hacker Park Jin Hyok Arrested in International Cybercrime Crackdown
In a dramatic turn of events, authorities have arrested Park Jin Hyok, the infamous North Korean hacker wanted by the FBI for some of the most devastating cyberattacks in history. Park, allegedly a key member of the state-sponsored Lazarus Group, was captured in a top-secret international sting operation conducted by U.S. intelligence agencies in collaboration with South Korean and European law enforcement.
According to official sources, Park was apprehended in an undisclosed Southeast Asian country, where he had been hiding under a false identity. Reports indicate that investigators had been tracking his digital footprint for years, tracing illicit financial transactions linked to cyber fraud, ransomware attacks, and cryptocurrency thefts.
Park is accused of orchestrating the 2014 Sony Pictures hack, which exposed internal company data, and the 2017 WannaCry ransomware attack, which crippled computer systems worldwide, including hospitals, banks, and major corporations. U.S. authorities believe he played a significant role in laundering millions of dollars through cyber heists, funding North Korea’s illicit activities.
“This arrest marks a major milestone in the global fight against cybercrime,” said a spokesperson for the FBI’s Cyber Division. “We have dismantled a critical link in North Korea’s hacking infrastructure.”
Park is currently being extradited to the United States, where he faces multiple charges, including conspiracy to commit wire fraud and computer-related fraud. Experts say this could lead to further revelations about North Korea’s cyber warfare operations.
Authorities are now intensifying efforts to locate other members of the Lazarus Group, with cybersecurity agencies warning of potential retaliatory attacks. More updates will follow as investigations continue.
Breaking News: Notorious North Korean Hacker Park Jin Hyok Arrested in International Cybercrime Crackdown
In a dramatic turn of events, authorities have arrested Park Jin Hyok, the infamous North Korean hacker wanted by the FBI for some of the most devastating cyberattacks in history. Park, allegedly a key member of the state-sponsored Lazarus Group, was captured in a top-secret international sting operation conducted by U.S. intelligence agencies in collaboration with South Korean and European law enforcement.
According to official sources, Park was apprehended in an undisclosed Southeast Asian country, where he had been hiding under a false identity. Reports indicate that investigators had been tracking his digital footprint for years, tracing illicit financial transactions linked to cyber fraud, ransomware attacks, and cryptocurrency thefts.
Park is accused of orchestrating the 2014 Sony Pictures hack, which exposed internal company data, and the 2017 WannaCry ransomware attack, which crippled computer systems worldwide, including hospitals, banks, and major corporations. U.S. authorities believe he played a significant role in laundering millions of dollars through cyber heists, funding North Korea’s illicit activities.
“This arrest marks a major milestone in the global fight against cybercrime,” said a spokesperson for the FBI’s Cyber Division. “We have dismantled a critical link in North Korea’s hacking infrastructure.”
Park is currently being extradited to the United States, where he faces multiple charges, including conspiracy to commit wire fraud and computer-related fraud. Experts say this could lead to further revelations about North Korea’s cyber warfare operations.
Authorities are now intensifying efforts to locate other members of the Lazarus Group, with cybersecurity agencies warning of potential retaliatory attacks. More updates will follow as investigations continue.
📢📢📢✅✅💰💰Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC📢📢💰💰✅
Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC
Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions.
Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions.
#brakingnews 💥 The official listing date for #AVACOIN tokens on exchanges is July 30th, 2024. This announcement, made via their official social media, marks the end of the long wait. In the meantime, continue engaging with tasks in the bot to accumulate more #AVACOIN tokens. The more tokens you have, the more potential earnings you stand to gain once trading begins.
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Note: Everyone connect your Ton wallate. #AVACOIN token claiming time today 1.00 PM.
Stay with me for more information.
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