Cryptocurrency firms in the UK to report transactions data
Starting in 2026, cryptocurrency firms in the UK must report all customer transactions
The UK government has mandated that all cryptocurrency firms must report customer transactions starting in 2026 as an initiative to strengthen the country’s tax practices.
The data these firms must provide to the government includes “the user’s full name, residential address, and VAT number,” as well as the cryptocurrency used in the transaction and the amount moved, the UK Revenue and Customs Department stated in an official statement on May 14.
“Details of companies, trusts, and charities that transact on cryptocurrency platforms must also be reported.” Failure to comply with this requirement or providing inaccurate data can result in fines of up to 300 British pounds ($398.4) per user.
For their part, the country’s authorities are “encouraging cryptocurrency companies to begin collecting data now to ensure compliance readiness,” as the new rule is part of the “UK’s integration of the Organization for Economic Development’s Cryptoasset Declaration Framework to improve transparency in cryptocurrency tax reporting.”
M.Pino
Source: cointelegraph
(Reference image source: GENERAL BYTES on Unsplash)
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