UK Crypto Users Could Face $408 Fine for Failure to Provide Certain Information
2025-07-09 11:06:18
Main Idea
UK cryptocurrency users may face a fine of up to £300 ($408) if they fail to provide certain information to HMRC by January 1, 2026, to help link crypto activity to tax records.
Key Points
1. Cryptocurrency users in the UK must provide certain information to HMRC by January 1, 2026, or risk a fine.
2. Failure to comply could result in a penalty of up to £300 ($408).
3. HMRC states the information will help link users' crypto activity to their tax records to determine tax liability.
4. The requirement applies to crypto service providers, including exchanges, wallet apps, and NFT marketplaces.
Description
Cryptocurrency users in the U.K. will be required to provide certain information to service providers relating to their digital asset activity from Jan. 1 2026, or risk a fine. Users must provide their full name, date of birth, address, country of residence and tax identification numbers. Failure to do so could land them a penalty of up to 300 pounds ($408). His Majesty's Revenue and Customs (HMRC) said the information will help users' crypto activity be linked to their tax record to work out ho...
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