The UK government stated that the United Kingdom Crypto companies would need to collect and report data from each customer business and move on 1 January 2026 on 1 January, 2026, as part of a comprehensive attempt to improve reporting crypto.
User’s full name, house detection and tax number must collect everything from the identity number and should be reported for each transaction, in which cryptocurrency has been used and the amount has been transferred, the Revenue and Customs Department of the UK Said In the statement of 14 May.
Details of transactions, trusts and charity will also be required to report on crypto platforms.
Failure in compliance or incorrect reporting can increase punishment up to 300 British pounds ($ 398.4) per user. The UK Revenue and Customs Department said it will inform companies how to follow measures in time.
However, Britain officials are now encouraged to start collecting data to ensure the readiness to comply with Crypto firms.
The new rule is part of the UK’s integration of the organization of the Cryptoset Reporting Framework of Economic Development to improve transparency in crypto tax reporting.
Changes show the objective of the UK government to establish a more strong regulatory structure that supports the development of the industry, ensuring consumer protection.
Connected: Bitwiz London London London Londules Four Crypto ETP
UK Chancellor REVS also A draft bill introduced To bring in late April Crypto Exchange, Custodian and broker-deliers to combat scams and fraud within its regulatory access.
“Today’s announcement sends a clear indication: UK is open to trade – but closed for fraud, abuse and instability.”
Last November, a study by the UK Financial Conduct Authority found that UK 12% of adults have crypto In 2024 – a significant increase from 4% reported in 2021.
Britain’s approach to the European Union asbestos is contradictory
UK move to integrate crypto rules in its current financial structure European Union The approach, which introduced the new Market in Crypto-asset Regulation Framework last year.
According For Micah Crypto alliance, an important difference is that the UK will allow foreign stabelcoin issuers to work in the UK without the need to register.
Unlike the approach of the European Union, there will also be no cap on Stabelin volume, which can control Stabelin issuers to manage systemic risks.
magazine: Crypto wanted to overthrow banks, now it is making them in Stabecoin fight
