Companies that provide crypto services in the UK must collect more extensive user and transaction data next year.
The HM Revenue and Customs (HMRC) says that the new rule relates to all reporting Crypto-asset Service Providers (RCASPs), including exchanges, brokers, dealers and every company that performs digital assets on behalf of users or a platform for transactions.
The government will implement the policy as part of the Crypto-asset Reporting Framework (Carf), a worldwide initiative that promotes the exchange of information between countries to tackle tax evasion with regard to digital assets.
“From January 1, 2026, if you offer cryptoasset services in the UK, you will have new responsibilities for collecting data and reporting it to HMRC.
This is because the VK introduces the Cryptoasset Reporting Framework (OECKD) of the Organization for Economic Development (OECD) and expands to domestic reporting. “
Crypto companies will have to collect data such as names, birth dates, addresses and country of stay for individual users and company names and addresses for entity users, including companies, partnerships, trusts and charities.
For transactions where users are located in the UK or other countries participating in the Carf, crypto companies must register the type of crypto activum and the transactions involved and the value and the number of units.
The HMRC insists at crypto companies to verify the accuracy of the information they collect, because there will be Penalties of a maximum of £ 300, or approximately $ 399 per user for inaccurate, incomplete or non -rewarded reports.
Generated image: midjourney