UK Cryptocurrency Holders Might Face Fines for Not Submitting Required Information
Finance/Policy

UK Cryptocurrency Holders Might Face Fines for Not Submitting Required Information

New regulations set to take effect in 2026 require UK crypto users to disclose specific personal details to service providers. Failure to comply may result in fines.

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What to know:

  • Cryptocurrency users in the U.K. will need to provide specific details to service providers regarding their digital asset activities starting January 1, 2026.
  • A failure to do so could result in fines up to 300 pounds (approximately $408).
  • The HMRC claims this data will assist in linking users’ crypto transactions to their tax records for calculating tax obligations.

Cryptocurrency users in the U.K. are required to submit personal information such as their full name, date of birth, address, country of residence, and tax identification numbers.

Pounds (PublicDomainPictures/Pixabay)

Failure to comply with this mandate could expose users to a maximum penalty. His Majesty’s Revenue and Customs (HMRC) indicated that this information will aid in correlating users’ cryptocurrency activities with their taxation details.

This requirement involves transactions across all entities classified as crypto service providers, including exchanges, wallet applications, and NFT marketplaces.

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