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Crypto transactions in Great Britain: New reporting requirement from 2026!
From 2026, UK crypto companies will be required to report transaction data. New regulations aim to increase transparency and combat fraud.
Crypto transactions in Great Britain: New reporting requirement from 2026!
From January 1, 2026, UK crypto companies will be required to collect and report comprehensive data on every transaction. According to the new guidelines, developed in close consultation with the Organization for Economic Co-operation and Development (OECD) Cryptoasset Reporting Framework (CARF), reporting will be made to the HMRC. This has the potential to significantly improve transparency in the crypto tax reporting space by capturing important user data.
Required information includes the user's full name, home address, tax identification number, cryptocurrency used, and transaction amount. Companies, trust companies and donation organizations that carry out transactions on crypto platforms are also obliged to report relevant data. Failure to comply or providing inaccurate information will result in penalties of up to 300 British pounds (US$398.4) per user. It is therefore crucial that crypto companies start collecting data now in order to meet the new requirements on time, reports Cointelegraph.
New regulations and support for companies
The UK government has announced that crypto companies will be provided with specific guidance to ensure compliance with the new regulations. The first report must be filed by May 31, 2027 and includes data for the period from January 1, 2026 to December 31, 2026. In subsequent years, annual reports must be filed by the same date, containing the transaction data from the previous calendar year. Reporting will be done through an online service still in development, for which additional guidance will be provided when the service goes live gov.uk explained further.
These new reporting requirements apply to users who are tax resident in the UK or another CARF signatory country. It is important to note that reporting is not necessary if no relevant information is available during the reporting period.
Integration into existing financial frameworks
The UK regulations represent a significant step towards a stricter regulatory framework for crypto assets. Chancellor Rachel Reeves has presented a draft law that would regulate crypto exchanges, custodian banks and broker-dealers in order to combat fraudulent activity. These measures are particularly relevant as a study by the Financial Conduct Authority found that the number of adults in the UK owning cryptocurrencies increased from 4% in 2021 to 12% in 2024.
Compared to the European Union, which introduces specific controls for stablecoin issuers through the Markets in Crypto Assets Regulation (MiCA), the United Kingdom allows foreign stablecoin issuers to operate without registration. Additionally, it does not place a cap on stablecoin volume, indicating a dynamic approach to promoting the crypto sector.
These measures by the UK government aim to create a more robust regulatory framework that will both support the growth of the industry and ensure consumer protection.