Several news sources have reported that the UK is taking new steps to regulate cryptocurrencies, which include requiring cryptocurrency trading platforms to collect data on their users.
These measures, announced by HM Revenue and Customs (HMRC), aim to enhance transparency and combat tax evasion and money laundering, as companies operating in the cryptocurrency space will be required to collect and report detailed data on their users and transactions starting from January 1, 2026.
🟢Includes the required data:
✅For individual users: full name, date of birth, address, country of residence, national insurance number (for UK residents), or tax identification number (TIN) for non-residents😎😎.
✅For entity users (like companies): the legal name of the entity, the primary business address, the registration number (for UK companies), or the tax identification number (TIN) and the country of issuance (for non-UK companies)😎😎.
✅For each transaction: the type of crypto asset, the type of transaction, the amount, and the value.
Reports have indicated that non-compliance with these rules or providing inaccurate information may result in fines of up to £300 per user😳😳.
⚡⚡This move comes as part of the UK's efforts to regulate the digital asset sector😌😌 in line with international standards such as the Crypto Asset Reporting Framework (CARF) issued by the Organisation for Economic Co-operation and Development (OECD).
