Crypto traders in the UK will have data handed to taxman from 2026
Starting next year, UK-based crypto firms will be forced to hand over up to six pieces of customer information to HM Revenue & Customs (HMRC) or incur a £300 ($400) fine. From January 1, 2026, providers will need to collect each UK-based customer’s name, date of birth, home address, country of residence, National Insurance number, or Unique Taxpayer Reference. For non-UK residents, they will need to collect their tax identification number (TIN) and the country where it was issued. When dealing with companies, trusts, or charities, the service provider must collect the legal business name, the main business address, company registration number, and, if not UK-based, their tax identification number. In addition, they will also be required to track and submit the value and type of each transaction, the exact cryptoasset traded, and the number of units. If they fail to accurately track and submit the relevant information, providers could face a £300 ($400) fine for...