Starting January 1, 2026, HMRC will implement new regulations requiring cryptocurrency buyers and sellers to provide personal information to platforms they utilize, affecting millions in the UK. This requirement aims to enhance tax compliance and could have significant implications for the growing number of cryptocurrency owners, estimated at 12% of adults. The initiative is part of HMRC's broader crackdown on tax avoidance, including recent regulations on platforms like Airbnb. Failure to comply could result in penalties for platforms providing incomplete or inaccurate reports.
HMRC's casting its net far and wide as it looks to crack down on suspected tax avoidance and non-compliance among cryptocurrency holders in the UK. By collecting the personal information of those buying and selling crypto - along with the values being exchanged - HMRC will know how much tax should be paid on these assets.
As of 1st January 2026, individuals who buy or sell cryptocurrency will have to provide personal information such as name, date of birth, and address.
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