New rules ensure crypto holders pay correct tax

From January 2026 people who own crypto – such as bitcoin ethereum or dogecoin – must give personal details to every crypto service provider they use to make sure they are paying the right tax. Those who fail to comply risk a £300 fine from HMRC; similarly any service provider that fails to report this information or submits inaccurate or incomplete reports could also be charged a penalty of up to £300 a user.

Under the new rules crypto service providers must report the individual’s name address date of birth National Insurance number or tax reference tax residence and a summary of their crypto transactions.

The new rules – known as the cryptoasset reporting framework – will will also bring the UK into line with the international standard developed by the Organisation for Economic Co-operation and...