Source: Cointelegraph
Original: “UK Cryptocurrency Companies Required to Report All Customer Transaction Data Starting 2026”
The UK government has stated that as part of a broader effort to improve cryptocurrency tax reporting, UK cryptocurrency companies will be required to collect and report data on every customer transaction and transfer starting January 1, 2026.
According to a statement from HM Revenue and Customs on May 14, the data to be collected and reported for each transaction includes the user's full name, home address, and tax identification number, as well as the cryptocurrency used and the amount transferred.
Relevant information about companies, trusts, and charities conducting transactions on cryptocurrency platforms will also need to be reported.
Failure to comply with the regulations or reporting inaccuracies could result in fines of up to £300 ($398.4) per user. HM Revenue and Customs stated that companies will be informed in due course on how to comply with the upcoming measures.
However, UK authorities encourage cryptocurrency companies to start collecting data now to ensure compliance readiness.
This new regulation is part of the UK's integration of the Organisation for Economic Co-operation and Development's (OECD) Cryptoasset Reporting Framework, aimed at increasing the transparency of cryptocurrency tax reporting.
These changes reflect the UK government's goal of establishing a stronger regulatory framework that supports industry growth while ensuring consumer protection.
UK Chancellor Rachel Reeves also proposed a draft bill at the end of April to bring cryptocurrency exchanges, custodians, and broker-dealers under its regulatory scope to combat scams and fraud.
Reeves stated at the time, "Today's announcement sends a clear signal: the UK is open for business, but closed to fraud, abuse, and instability."
According to a study by the Financial Conduct Authority last November, 12% of UK adults owned cryptocurrency in 2024, a significant increase from 4% in 2021.
The UK's approach to integrating cryptocurrency rules into the existing financial framework contrasts with the EU's approach, which launched the new Markets in Crypto-Assets Regulation (MiCA) last year.
According to the MiCA Crypto Alliance, a key difference is that the UK will allow foreign stablecoin issuers to operate in the UK without registration.
Additionally, unlike the EU's potential controls on stablecoin issuers to manage systemic risk, the UK has no cap on stablecoin transaction volumes.
Related: The MiCA regulation in Europe has launched, but can the crypto industry keep up?
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