The cryptographic companies of the United Kingdom will need to collect and inform data of each trade and transfer of customers from January 1, 2026 as part of a broader effort to improve cryptographic tax reports, said the United Kingdom government.
Everything, from the full name of the user, the address of the house and the tax identification number, must be collected and informed for each transaction, including the cryptocurrency used and the amount moved, said the Department of Income and Customs of the United Kingdom in a statement on May 14.
They should also inform themselves of the details of companies, trusts and couples that carry out transactions on cryptographic platforms.
Failure to comply with compliance or inaccurate reports may incur sanctions or up to 300 British pounds ($ 398.4) per user. The United Kingdom Income and Customs Department said it would inform companies about how to comply with the incoming measures in due time.
However, the United Kingdom authorities are encouraging cryptographic companies to start collecting data now to guarantee compliance.
The new rule is part of the integration of the United Kingdom of the Cryptoasset report framework of the Economic Development Organization to improve transparency in cryptographic tax reports.
The changes reflect the objective of the United Kingdom government to establish a more solid regulatory framework that supports industry growth while guaranteeing consumer protection.
Related: Bitwise lists four encryption ETP in the London Stock Exchange
The Chancellor of the United Kingdom, Rachel Reeves, also presented a bill at the end of April to bring cryptographic exchanges, custodians and runners merchants within their regulatory reach to combat scams and fraud.
“Today’s announcement sends a clear sign: Great Britain is open to business, but closed to fraud, abuse and instability,” Reeves said at that time.
A study by the United Kingdom’s financial behavior authority discovered last November that 12% of the United Kingdom adults had cryptography in 2024, a significant increase of 4% reported in 2021.
The United Kingdom approach contrasts with EU’s mica
The United Kingdom movement to integrate cryptographic rules in its existing financial framework contrasts with the European Union approach, which introduced new markets within the framework of the regulation of cryptocurrency programs last year.
According to the Mica Crypto Alliance, a key different convention is that the United Kingdom will allow foreign Stablcoin emitters to operate in the United Kingdom without registering.
Nor will there be a limit in Stablecoin volumes, unlike the EU approach, which can impose controls on Stablecoin emitters to administer systemic risks.
Magazine: Crypto wanted to overthrow Banks, he is now becoming a topic in Stablecoin Fight
