UK Imposes Fines on Crypto Tax Evaders Under New Reporting Framework

The United Kingdom has introduced stringent measures to clamp down on cryptocurrency tax evasion, with fines of up to £300 for traders who fail to disclose personal details to service providers. The Cryptoasset Reporting Framework, set to take effect in January, aims to ensure accurate tax payments to His Majesty’s Revenue and Customs (HMRC). The government projects the rule will generate £315 million in revenue by April 2030.

Service providers failing to report transaction and tax reference details will also face penalties. Exchequer Secretary James Murray emphasized the crackdown, stating, "We’re going further and faster to close the tax gap. Ensuring everyone pays their fair share means tax dodgers have nowhere to hide—this funds vital public services like nurses and police."

The MOVE follows Chancellor Rachel Reeves’ refusal to rule out tax hikes after the government reversed course on welfare reforms. Reeves defended the fiscal tightening, asserting accountability for balancing the books, despite market unease.