#MerlinTradingCompetition 🇬🇧 The UK is introducing strict reporting rules for crypto companies

❗️Starting from 2026, crypto companies in the United Kingdom will be required to collect data on users and transactions, as well as report them to regulators. The thing is that the country has adopted the Crypto Asset Reporting Framework — a global standard developed to combat tax evasion and to make the crypto market transparent.

🆔 Each user will be identified, and their legal data, addresses, and identification tax numbers will be recorded. The data collected on transactions includes the value, type of asset, amount, and nature of the transfer.

📑 The requirements also apply to foreign companies that serve clients from the United Kingdom. Violators of the new regulations will face fines of up to £300 per user.