{"id":129474,"date":"2025-05-18T05:17:58","date_gmt":"2025-05-18T05:17:58","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129474"},"modified":"2025-05-18T05:17:58","modified_gmt":"2025-05-18T05:17:58","slug":"uk-to-require-crypto-firms-to-report-every-customer-transaction","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129474","title":{"rendered":"UK to require crypto firms to report every customer transaction"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUnited Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to improve crypto tax reporting, the UK government said.<br \/>\nEverything from the user\u2019s full name, home address and tax identification number will need to be collected and reported for every transaction, including the cryptocurrency used and the amount moved, the UK Revenue and Customs department said in a May 14 statement.Details of companies, trusts and charities transacting on crypto platforms will also need to be reported.<br \/>\nFailure to comply or inaccurate reporting may incur penalties of up to 300 British pounds ($398.4) per user. The UK Revenue and Customs department said it would inform companies on how to comply with the incoming measures in due course.<br \/>\nHowever, UK authorities are encouraging crypto firms to start collecting data now to ensure compliance readiness.<br \/>\nThe new rule is part of the UK\u2019s integration of the Organisation for Economic Development\u2019s Cryptoasset Reporting Framework to improve transparency in crypto tax reporting.<br \/>\nThe changes reflect the UK government\u2019s aim to establish a more robust regulatory framework that supports industry growth while ensuring consumer protection.<br \/>\nRelated: Bitwise lists four crypto ETPs on London Stock Exchange<br \/>\nUK Chancellor Rachel Reeves also introduced a draft bill in late April to bring crypto exchanges, custodians and broker-dealers within its regulatory reach to combat scams and fraud.<br \/>\n\u201cToday\u2019s announcement sends a clear signal: Britain is open for business \u2014 but closed to fraud, abuse, and instability,\u201d Reeves said at the time.<br \/>\nA study from the UK\u2019s Financial Conduct Authority last November found that 12% of UK adults owned crypto in 2024 \u2014 a significant increase from the 4% reported in 2021.<br \/>\nUK\u2019s approach contrasts with EU\u2019s MiCA<br \/>\nThe UK\u2019s move to integrate the crypto rules into its existing financial framework contrasts with the European Union\u2019s approach, which introduced the new Markets in Crypto-Assets Regulation framework last year.<br \/>\nAccording to the MiCA Crypto Alliance, one key difference is that the UK will allow foreign stablecoin issuers to operate in the UK without needing to register.<br \/>\nThere will also be no cap on stablecoin volumes, unlike the EU\u2019s approach, which may impose controls on stablecoin issuers to manage systemic risks.<br \/>\nSource: MiCA Crypto AllianceMagazine: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<a href=\"https:\/\/cointelegraph.com\/news\/uk-to-mandate-crypto-reporting-on-all-customer-transactions-in-2026?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUnited Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129474"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129474"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129474\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129474"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}