‘Crypto Bros’ Targeted in Britain’s Latest Tax Crackdown

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).