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UK Targets ‘Crypto Bros’ in New Tax Reporting Crackdown

UK Targets ‘Crypto Bros’ in New Tax Reporting Crackdown

Published:
2025-07-09 21:41:02
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BTCCSquare news:

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.

|Square

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