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UK Introduces Crypto Tax Reporting Rules with Fines for Non-Compliance Starting 2026
UK Introduces Crypto Tax Reporting Rules with Fines for Non-Compliance Starting 2026
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BTCCSquare news:
The UK HM Revenue and Customs (HMRC) has unveiled stringent reporting requirements for cryptocurrency investors, set to take effect in January 2026. Under the Cryptoasset Reporting Framework, digital asset service providers must collect and disclose client details—including names, addresses, tax residency, and transaction histories—to curb tax evasion.
Non-compliant investors face penalties up to £300 ($409), while platforms risk fines for inaccurate or incomplete submissions. The initiative aims to recover £315 million ($477 million) in unpaid taxes by 2030, earmarked for public services like healthcare and education. This move signals growing regulatory scrutiny of crypto markets as governments seek to close tax loopholes.
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