#MerlinTradingCompetition 🇬🇧 The UK is introducing strict reporting rules for crypto companies
❗️ Starting in 2026, crypto companies in the UK will be required to collect data on users and transactions, as well as report this information to regulators. The country has adopted the Cryptoasset Reporting Framework — a global standard designed to combat tax evasion and to make the crypto market transparent.
🆔 Each user will be identified, and their legal information, addresses, and tax identification numbers will be recorded. The data collected about transactions will include the value, type of asset, amount, and nature of the transfer.
📑 The requirements also apply to foreign companies serving clients from the United Kingdom. Violators of the new rules will face penalties of up to £300 per user.