According to Foresight News, as reported by Cointelegraph, the UK HM Revenue and Customs has stated that as part of improving cryptocurrency tax reporting, UK cryptocurrency companies will be required to collect and report data on every customer transaction and transfer starting from January 1, 2026. For each transaction, the full name, home address, and tax identification number of the user must be collected and reported, along with the cryptocurrency used and the amount transferred. Detailed information on companies, trusts, and charities conducting transactions on cryptocurrency platforms will also need to be reported. Users who fail to comply with the regulations or report inaccurately may face fines of up to £300 (approximately $398.4) per user.