The UK government will require cryptocurrency traders to report personal details to trading platforms starting January 1, 2026. Failure to comply could result in fines up to £300 per individual or customer. HMRC expects to raise up to £315 million in tax by 2030. Some experts believe platforms may struggle to collect necessary information, potentially leading to penalties for non-compliance. International alignment on reporting standards may follow. The UK government is considering taxing gains only when cryptocurrencies are sold for fiat. The final decision is pending. HMRC will continue engaging with stakeholders to refine the approach.

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