Crypto under surveillance. The British government has announced a new measure which will oblige cryptocurrencies to collect and declare data on each transaction made by their customers. This decision, which will come into force on January 1, 2026, aims to improve tax transparency in the digital asset sector.
- The British government has announced a new measure imposing on cryptocurrency companies to collect and declare data on each transaction from 2026.
- This measure, integrated into the Cryptoasset Reporting Framework of the OECD, aims to combat tax evasion and strengthen confidence in the sector.
Personal data to declare for each Crypto transaction
According to the press release published by the Revenue and Customs Department of United Kingdomcryptocurrency companies will have to collect and transmit detailed information on each transaction made by their users. These data Include the full name of the user, their personal address, their tax identification number, as well as the type and amount of the cryptocurrency used. The same information must be provided for companiesTHE trustee and Charitable organizations that use crypto platforms.
THE British government said this measure is part of the integration of Cryptoasset Reporting Framework (Carf) of theOrganization for economic cooperation and development (OECD), a international standard aimed at harmonizing tax reporting of digital assets. The objective is to combat tax evasion and strengthen consumer confidence in this growing sector.
A fine of 300 pounds sterling per user in the event of non-compliance
British authorities warned the Crypto companies that they risked financial sanctions in the event of non-compliance or inaccurate declaration of the required data. A fine Can go up to 300 pounds sterling (approximately 398 dollars) per user could be inflicted on offenders. The Revenue and Customs Department indicated that it would soon provide instructions to businesses on how to comply with these new obligations.
However, the authorities encourage companies starting now to collect the data necessary in order to be ready for the entry into force of the 2026. This announcement comes as the United Kingdom seeks to position itself as a world leader in Crypto regulation, while promoting the innovation and competitiveness of the sector.
The British Finance Minister Rachel Reeves also presented a bill to strengthen the fight against fraud and scam in the field of cryptocurrencies. This text provides in particular to extend the powers of the Financial Conduct Authority (FCA), the British financial regulator, To supervise the activities of exchanges, depositaries and crypto brokers.