Crypto owners who don’t comply with HMRC tax rules are being warned that they risk facing fines.
From January 2026, crypto owners, including those with Bitcoin, Ethereum, or Dogecoin, will be required to provide their personal details to every crypto service provider they use.
This is to ensure they are paying the right tax on their crypto transactions
HMRC is warning those who don’t comply that they will risk facing penalties of up to £300.
These new rules mean that crypto service providers must collect and report the following:
- Your name, address and date of birth
- Your tax residence
- Your National Insurance number or tax reference
- A summary of your crypto transactions
HMRC’s Director General for Customer Strategy and Tax Design, Jonathan Athow, said, “Importantly, this isn’t a new tax – if you make a profit when you sell, swap or transfer your crypto, tax may already be due.
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“These new reporting requirements will give us the information to help people get their tax affairs right.
“I urge all cryptoasset users to check the details you will need to give your provider. Taking action now and having this information to hand will help you avoid penalties in the future.”
James Murray MP, Exchequer Secretary to the Treasury, said, “We’re going further and faster to crack down on tax dodgers as we close the tax gap and deliver on our Plan for Change.
“By ensuring everyone pays their fair share, the new crypto reporting rules will make sure tax dodgers have nowhere to hide, helping raise the revenue needed to fund our nurses, police and other vital public services.”
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