From January 2026, cryptocurrency exchanges in the UK will be mandated to collect and report personal details of users to HM Revenue & Customs (HMRC) as part of a global effort to enhance tax transparency and tackle non-compliance. This measure affects individuals and businesses engaging with cryptoassets. Nearly 12% of UK adults now hold cryptocurrency, indicating the growing digital economy. Non-compliant exchanges face penalties of up to £300 per user. The initiative is part of HMRC's broader strategy to gather tax revenue, extending surveillance to various digital sectors to ensure compliance.
“HMRC is casting its net far and wide as it looks to crack down on suspected tax avoidance and non-compliance among cryptocurrency holders,” said Seb Maley, CEO of Qdos.
The new rules mandate that from 1 January 2026, all crypto exchanges and marketplaces must collect and report users’ personal details to HMRC.
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