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BTCC / BTCC Square / Global Cryptocurrency /
UK Crypto Users Face $408 Fine for Non-Compliance with New Reporting Rules

UK Crypto Users Face $408 Fine for Non-Compliance with New Reporting Rules

Author:
Global Cryptocurrency
Published:
2025-07-09 11:39:02
8
1
BTCCSquare news:

Starting January 1, 2026, cryptocurrency users in the UK must disclose personal and tax information to service providers or risk penalties up to £300 ($408). His Majesty's Revenue and Customs (HMRC) mandates submission of full names, birthdates, addresses, residency details, and tax identification numbers to align digital asset activity with tax records.

The regulation applies to all interactions with crypto service providers, including exchanges, wallet applications, NFT marketplaces, and portfolio management tools. This move aims to enhance tax transparency in the rapidly growing digital asset sector.

|Square

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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