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The United Kingdom’s crypto will have to collect and report data from every customer trade and transfer from 1 January 2026 in a wider effort to improve tax reporting crypt, the United Kingdom government said.
Everything from the full name of the user, home addresses and tax identification number will have to be collected and reported for each transaction, including the cryptocurrency used and moved, British income and customs department said In a statement on May 14.
It is also necessary to report details of companies, trust and charity transaction on crypto platforms.
Failure to meet or inaccurate messages can cause fines of up to £ 300 ($ 398.4) to users. The British Department and Customs Department said it would inform companies about how to keep incoming measures at the right time.
However, the United Kingdom authorities encourage companies to start collecting data to ensure the readiness to comply with the regulations.
The new rule is part of the British integration of the framework for reporting cryptoast for economic development to improve transparency in a crypto tax report.
Changes reflect the goal of the UK government to introduce a more robust regulatory framework that promotes industry growth while ensuring consumer protection.
Related: Bitwise lists four crypto ETPS on the London Securities Stock Exchange
Chancellor British Rachel Reeves also presented a bill At the end of April to bring Cryptocurrencies, exchanges, Administrators and intermediaries-dealers within their regulatory reach to fight fraud and fraud.
“Today’s announcement sends a clear signal: Britain is open for business – but closed to fraud, abuse and instability,” Reeves said at that time.
A study from the British Office for Financial Behavior Last November found this Crypt owned 12% of adults in the UK In 2024 – significant increase of 4% reported in 2021.
Moving the United Kingdom to the integration of crypt rules to its existing financial framework contrasts with European Union an approach that introduced a new Markets in the regulation of cryptal activities framework last year.
According to For the Mica Crypto Alliance Alliance, one of the key differences in the United Kingdom will allow Stablecoin to work in the UK without having to register.
Unlike the EU approach, which can store Stablecoin issuers to manage systemic risks, unlike the EU access, which can store checks on stable issuers that can store stable issuers’ checks.
Magazine: Crypto wanted to overthrow banks, now it happens in the fight Stablecoin