Starting January 1, 2026, HM Revenue and Customs (HMRC) will begin tracking data on crypto asset owners for tax purposes. New rules require cryptocurrency users to provide service providers with their full name, date of birth, address, country of residence, and tax identification number. Failure to comply or providing false information may result in a fine of up to £300 (approximately $408). Legal entities must also disclose information about the company and its registration.
These measures are part of a broader strategy of the United Kingdom regarding the regulation of the digital asset market, based on the Financial Markets Act 2023. Unlike the EU, where MiCA regulation is in effect, the UK is shaping its own rules for the crypto industry. The Financial Conduct Authority (FCA) is also proposing to limit public offerings of crypto assets outside specialized platforms to strengthen market oversight.
New requirements aim to combat tax evasion and money laundering, making transparency a key aspect for cryptocurrency users. Considering the growing popularity of digital assets, these changes may impact the UK crypto community. Stay tuned for updates in the blockchain world! Subscribe to #MiningUpdates for the latest news.
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