From Cointelegraph
May 18, 2025 12:57 am:

Starting Jan. 1, 2026, UK crypto firms must collect and report customer data for every trade and transfer, including full name, address, and tax ID, to improve tax reporting. Failure to comply may result in fines of up to £300 per user. Authorities urge companies to start collecting data now for readiness.

UK Chancellor Rachel Reeves introduced a draft bill to regulate crypto exchanges, custodians, and broker-dealers to combat fraud. A study found that 12% of UK adults owned crypto in 2024, up from 4% in 2021. The UK’s regulatory framework aims to support industry growth while ensuring consumer protection.

The UK’s approach to crypto regulations contrasts with the EU’s MiCA framework, allowing foreign stablecoin issuers to operate in the UK without registration. Unlike the EU, the UK imposes no cap on stablecoin volumes, while the EU may control stablecoin issuers to manage systemic risks.

Read more at Cointelegraph: UK to require crypto firms to report every customer transaction