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UK Crypto Users Could Face $408 Fine for Failure to Provide Certain Information
HMRC said the information will help users' crypto activity be linked to their tax record to work out how much tax is payable.
Jul 9, 2025, 10:32 a.m.
What to know:
- Cryptocurrency users in the U.K. will be required to provide certain information to service providers relating to their digital asset activity from Jan. 1 2026.
- Failure to do so could land them a penalty of up to 300 pounds ($408).
- HMRC said the information will help users' crypto activity be linked to their tax record to work out how much tax is payable.
Cryptocurrency users in the U.K. will be required to provide certain information to service providers relating to their digital asset activity from Jan. 1 2026, or risk a fine.
Users must provide their full name, date of birth, address, country of residence and tax identification numbers.
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Failure to do so could land them a penalty of up to 300 pounds ($408).
His Majesty's Revenue and Customs (HMRC) said the information will help users' crypto activity be linked to their tax record to work out how much tax is payable.
The requirement pertains to users' dealings with all businesses classed as crypto service providers. These include exchanges, wallet apps, non-fungible token (NFT) marketplaces and services that help users manage their crypto portfolios.
Read More: Crypto for Advisors: It's Tax Time
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Yang perlu diketahui:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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