Crowment companies will need in the United Kingdom
The UK government will ask the encryption companies to collect and report user data and transactions from January 1, 2026. This includes the full name for each user and the home address and tax identity number.
A huge fine of 300 pounds for each user to disappoint
According to an announcement issued by HM Revenue & Customs last week, the UK government collection plan will follow the Organization of Economic Cooperation and Development (OECD)
“You may want to start collecting information early, so that you are ready when the new rules enter into force,” the announcement. Failure to provide accurate or complete reports or verification may lead to penalties of up to 300 pounds per user.
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He added: “You will need to verify that the information you collect is accurate by conducting due care. We will update the directives with information about how to do this in time.”
🇬🇧 New UK regulations impose reporting all encryption transactions by 2026.
Companies must report the names of the sender, the recipient, addresses, tax identifiers, and full trade details (the type of distinctive symbol, quantity, GBP and Timestamp). Not compliance with fines of up to 300 pounds may bear each user.
The United Kingdom has been completed.
Home address for tin – nothing outside the border
Data should be collected for all individual users, entities and Cryptoasset transactions that include users in the United Kingdom and other Carf countries.
For individual users, the required data includes the username, date of birth, home address, country of residence, national insurance number or unique taxpayer reference (for UK residents), and tax identification number (Tin) alongside the country issued (for non -civilian population).
For entities users, companies must collect the name of the legal work, the main work address, registration number (for British companies), and the source country (for companies other than today). In some cases, platforms must also collect details of people who control the company.
The transaction data that must be registered and reported includes the value, type of encrypted associations, type of transaction and number of units.
These new rules may collect a large volume of data. According to a recent survey on Yougov, the number of Britons who buy cryptocurrencies is more than 6 percent in 2022 to 14 percent in 2023.
Meanwhile, the UK’s Financial Conduct Authority (FCA) recently revealed that it is studying restrictions on UK residents who buy encrypted currencies using credit. However, the approved Stablecoin purchases will be exempted. The organizer is currently looking to obtain general notes on this matter and other planned measures.
Nowadays, FCA requires all encryption companies operating in the UK registration. Its supervision is currently limited to anti -money laundering rules, the financial upgrade system, and consumer protection laws.
Despite registration requirements, FCA 86 percent of the requests of encryption companies in the 12 months ended in April 2024. In the current fiscal year, the rejection rate decreased to 75 percent.
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