UK to require crypto firms to report any customer transaction

The United Kingdom Cropto will have to collect and report on any customer trade and transferred from 1. January 2026. As part of wider effort to improve the CRIPTO tax reporting, the UK government announced.

All from full user name, home addresses and tax number will need to collect and report for each transaction, including the use of cryptocurstility and transferred amount, moved to the UK and the customs department said in Statement 14. May.

Details of the company, trust and charity cabinets Transformation on the CRIPTO platforms will also have to login.

Disrespect or incorrect login can submit sentences of up to 300 British pounds (398.4 USD) per user. The Great Revenue and the Customs Department said it will inform the companies how to adhere to incoming measures in due course.

However, the UK authorities encourage the crypts of firms to now begin to collect data to ensure conformity willingness.

The new rule is part of the integration of the UK organization for the crypting report on cryptoasets economic development to improve transparency in the CRIPTO tax reporting.

Changes reflect the goal of the UK government to establish a more robust regulatory framework that supports industry growth, while ensuring consumer protection.

Related: Be written by four crypto ETPS on the London Stock Exchange

Chancellor UK Chancellor Rachel also Reeves introduced a draft law At the end of April to make Cripto Exchange, Custodians and broker-dealers within its regulatory reach for combat fraud and fraud.

“Today’s announcement sends a clear signal: Britain is open to work – but it is closed for fraud, abuse and instability,” Reeves said at the time.

The study from the UK’s financial authority of financial behavior last November revealed that 12% of adults in the UK owned by a cript 2024. years – a significant increase of 4% reported in 2021. years.

Access in the UK contrast from the EU MICA

Move in the UK to integrate crypto rules in your existing financial frame contrast with European Union access, which introduced new Markets in the regulation of crypto-means The framework last year.

Toward To MICA CRIPTO Alliance, one key difference is that the United Kingdom will allow foreign staters of Stablecoins to work in the UK, without registering.

There will also be no cap on the amount of stableCoin, unlike access to the EU, which can impose controls of Stablecoin issuers to control system risks.

Journal: Cripto wanted to crash banks, now becomes in stablecoin fight