UK Crypto Users Could Face $408 Fine for Failure to Provide Certain Information
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.
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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