UK Targets ‘Crypto Bros’ in New Tax Reporting Crackdown

Britain’s tax authority is tightening its grip on cryptocurrency investors with new reporting rules set to take effect in January 2026. His Majesty’s Revenue and Customs (HMRC) aims to recover £315 million ($428 million) over five years by targeting what it calls 'tax-evading crypto bros.'

Crypto exchanges and service providers must now collect and submit users’ personal details—including full names, addresses, and National Insurance numbers—along with transaction summaries. Non-compliance risks fines of up to £300 ($407) per user. The HMRC will use this data to verify tax payments on crypto profits.

Exchequer Secretary James Murray framed the MOVE as part of a broader effort to close the tax gap, emphasizing funding for public services. The crackdown reflects growing regulatory scrutiny of digital assets, even as the sector matures.