UK regulators want all investment platforms allowing customers to buy and sell bitcoin and other cryptocurrencies to start collecting and reporting detailed data on all transactions.
From the start of 2026, firms will be required to record customer names, addresses, tax identification numbers, and details of the size of each crypto transaction, HM Revenue and Customs (HMRC) said.
The tax collection agency announced the measures last week as part of a new effort to enhance tax transparency, with non-compliance or inaccurate reporting potentially resulting in fines of up to £300 per user.
HMRC said it would provide further guidance, but companies are encouraged to begin collecting data now to ensure compliance.
The move aligns with the UK’s adoption of the OECD’s Cryptoasset Reporting Framework, aiming to boost transparency while supporting industry growth.
Chancellor Rachel Reeves has also proposed legislation to bring crypto exchanges, custodians, and broker-dealers under UK regulation.