‘Crypto Bros’ Targeted in Britain’s Latest Tax Crackdown
2025-07-09 20:55:35
Main Idea
The UK government will implement new tax reporting regulations in January 2026 targeting crypto users to combat tax evasion, expected to generate £315 million over five years.
Key Points
1. The UK tax department (HMRC) will require crypto exchanges and service providers to collect and report users' personal data, including tax residence and National Insurance details.
2. Exchanges failing to comply may face fines of up to £300 per user.
3. The regulations aim to close the tax gap and ensure tax dodgers contribute to public services.
4. The UK government introduced the 'Property (Digital Assets) Bill' in September 2024, classifying digital assets like crypto and NFTs as personal property under the law.
5. Other countries are also adopting similar Crypto Asset Reporting Frameworks (CARFs).
Description
New reporting regulations set to come into force in January 2026 will target crypto investors in Britain as the government ramps up its tax collection. The new framework from the UK tax department (His Majesty’s Revenue and Customs) specifically targets “tax-evading crypto bros,” reported finance outlet Money Week this week. The government claims that its coffers will be filled with £315 million ($US428 million) over the next five years from this latest tax raid. Reams of Personal Data Crypto ex...
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