Crypto tax crackdown begins in 2026

HMRC is set to enforce new reporting requirements for cryptocurrency holders starting January 2026. Individuals owning cryptocurrencies like Bitcoin, Ethereum, or Dogecoin will need to provide personal details to their service providers to ensure proper tax compliance. Failure to comply may result in a £300 fine. The initiative, part of the Cryptoasset Reporting Framework, aims to tackle tax evasion and ensure that “tax dodgers have nowhere to hide,” according to James Murray, Exchequer Secretary to the Treasury. Additionally, penalties may apply to service providers that fail to report user data accurately.