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New tax reporting rules for crypto companies will come into effect in the UK on January 1, 2026. This was announced by Finance Minister Rachel Reeves. These rules were proposed by HMRC (Her Majesty's Revenue and Customs) back in May and are aimed at improving control over tax revenues from digital asset transactions.
New Requirements for Crypto Companies
According to the new rules, companies working with digital assets are required to collect information about all their British users, including both individuals and legal entities. Crypto services will have to request the following data from clients:
- Name
- Date of birth
- Home address
- Country of residence
- Legal company name
- Registered address
Crypto companies are responsible for the accuracy of the information collected. HMRC has promised to provide more detailed instructions for conducting personal data audits to ensure compliance with the new requirements.
Data Submission Deadlines
The collected data must be submitted to HMRC in 2027, covering the 2026 tax year. The tax service intends to use this data to verify tax returns and identify individuals who may have incorrectly reported their profits from cryptocurrencies.
Penalties for Non-Compliance
HMRC has warned that non-compliance with the new rules, as well as providing inaccurate, incomplete, or unverified reports, may result in fines for users of up to £300 (approximately $401). This should help prevent tax evasion, the tax service believes.
Expected Budget Revenue
Thanks to the introduction of the new rules, HMRC hopes to collect £315 million (approximately $417.3 million) for the state budget by April 2030. According to the agency, these funds will be sufficient to pay the salaries of 10,000 new qualified nurses for a year.
Legal Protection of Digital Assets
A law was recently passed in the UK that recognizes digital assets as objects of personal property rights. This means that cryptocurrency owners will now be able to count on legal protection in the event of theft of their crypto assets. This step underscores the growing recognition of cryptocurrencies and digital assets within the country's legal system.
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