The UK will introduce fines for concealing data on cryptocurrencies
Date: 2025-07-10 Author: Oliver Abernathy Categories: IN WORLD
According to the updated rules, the country's Tax Service will receive information about citizens and companies that own cryptocurrencies and related assets. The British regulator includes such categories as exchange tokens (for example, Bitcoin), NFT, utility tokens, stablecoins and assets digitized in the form of tokens in the concept of crypto assets.
Infrastructure participants also fall under the new tax requirements - these are crypto wallets, NFT sales platforms and services that manage digital asset portfolios. The list of information that will need to be provided varies depending on who the owner is - an individual or a legal entity.
Individuals will need to indicate their full name and surname, date of birth, residential address, tax number and tax residency information. It will be mandatory for organizations to disclose information about the company itself and its registration. In case of providing false or incomplete information, the owner of crypto assets may be fined up to £300.
At the same time, it is possible to receive an annual tax deduction of up to £1,000 from income received from transactions with crypto assets or other sources of income. All forms of income in cryptocurrency will be taxed: receiving payment in tokens for services or work, trading, mining, staking or participating in DeFi liquidity pools will be considered taxable income.
If the owner of the tokens sells them, exchanges them for other types of digital assets, pays for goods or services with them, or transfers them to another person, this may also entail the obligation to pay capital gains tax. An exception is when the tokens are transferred as a gift to a spouse or civil partner.
It should be noted that earlier, at the end of June, Barcleys introduced a restriction for its clients - the bank blocked cryptocurrency transactions on bank cards.
Thus, from 2026, crypto asset owners in the UK will have to be more attentive to the transparency of their financial transactions. Otherwise, they risk facing fines and additional tax liabilities. The new measures highlight the desire of the British authorities to strengthen control over the rapidly developing digital finance sector and increase tax collection.
