UK cryptocurrency companies will have to collect and report data from each trade and transfer of customers from January 1, 2026 as part of a broader effort to improve cryptographic tax reporting, said the government of Great Britain.

Everything from the full username, home address and tax identification number will have to be collected and reported for each transaction, including the cryptocurrency used and the amount transferred, revenues from Great Britain and the customs department he said In a statement on May 14.

Details of companies, trusts and charity organizations on cryptocurrency platforms should also be reported.

Non -compliance or incorrect reporting may be punishable by up to 300 British pounds (USD 398.4) per user. The Department of Revenues and Customs in Great Britain will inform companies about how to follow incoming funds at the right time.

However, the authorities in Great Britain encourage cryptographic companies to start collecting data to ensure readiness of compliance.

The novel rule is part of the integration of the British Cryptoaset Economic Development reporting framework to improve transparency in cryptographic tax report.

The changes reflect the goal of the UK government to establish a more reliable regulatory framework that support the development of the industry while ensuring consumer protection.

Related: Bitise lists four cryptographic ETP on the London Stock Exchange

The Chancellor in Great Britain Rachel Reeves also introduced a project project at the end of April to introduce exchanges of cryptocurrencies, carers and brokers brokers in his regulatory range to fight fraud and fraud.

“Today’s announcement sends a clear signal: Great Britain is open to business – but closed to fraud, abuse and instability,” Reeves said.

A study from the British financial injury body in November last year showed that 12% of adults in Great Britain had crypto in 2024 – a significant augment compared to 4% reported in 2021.

The UK’s approach contrasts with Mika EU

The transfer of Great Britain to integrate cryptographic rules with existing financial frames contrasts with the European Union’s approach, which introduced novel markets as part of the regulation of cryptocurrencies last year.

According to To the Mica Crypto alliance, one key difference is that the United Kingdom will allow Stablecoin issues to operate in Great Britain without registration.

There will also be no limit of Stablecoin volumes, as opposed to the EU approach, which can impose control on Stablecoin issuers for system risk management.

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