Here’s a concise summary of the UK's new crypto reporting guidelines:
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UK Introduces New Crypto Reporting Guidelines to Enhance Transparency
The UK government, through HM Revenue and Customs (HMRC), has introduced new guidelines requiring crypto firms to collect and report detailed customer and transaction data starting January 1, 2026. This effort aims to enhance transparency and improve tax compliance within the crypto sector.
Under the new rules, firms must report:
User information: Full name, home address, and tax identification number
Transaction details: Type and amount of cryptocurrency, and involved entities (companies, trusts, charities)
These measures align with the OECD’s Cryptoasset Reporting Framework (CARF), expanding its application to domestic reporting. Firms may face fines up to £300 per user for non-compliance or inaccurate reporting. Annual reports to HMRC may also be required.
In parallel, Chancellor Rachel Reeves has proposed a broader crypto regulatory framework to formalize oversight of crypto services, including trading platforms and wallet providers. This initiative builds on a 2023 UK Treasury consultation and is part of the government's Plan for Change to bolster consumer protection and foster trust in digital assets.