UK to enforce strict crypto transaction reporting
Companies will face fines of up to £300 per user for failing to report or submitting incorrect data.
Crypto firms operating in the United Kingdom will be required to report detailed customer transaction data from 1 January 2026. The move is part of the government’s wider plan to improve tax transparency in the crypto sector by aligning with international reporting standards.
Firms must collect and submit information on each transaction, including the user’s name, address, tax ID, the crypto used, and the amount transferred. Transactions involving companies, trusts, and charities must also be reported.
Penalties of up to £300 per user may apply for non-compliance or incorrect reporting.
The measures are part of the UK’s adoption of the OECD’s Cryptoasset Reporting Framework, aiming to support innovation while reducing fraud and abuse. Authorities have urged firms to begin gathering data now, although full guidance will be issued later.
While the UK’s approach focuses on integrating crypto into existing regulations, it differs from the EU’s MiCA rules. Unlike the EU, the UK will not require foreign stablecoin issuers to register or limit their transaction volumes.
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