The UK’s HM Revenue and Customs (HMRC) has announced that from 2026, crypto exchanges will be mandated to share user data with the tax authority. This move is aimed at cracking down on tax evasion in the cryptocurrency space and ensuring that all relevant transactions are properly accounted for and taxed.
The decision follows a series of efforts by HMRC to enhance its understanding and regulation of the cryptocurrency market. In the past, HMRC has sent letters to individuals suspected of owing cryptocurrency capital gains tax and has also pressured crypto exchanges to disclose customer names and transaction histories to recover unpaid taxes.
Industry experts believe that this measure will have a significant impact on the operations of crypto exchanges in the UK. Exchanges will need to strengthen their data management and security systems to ensure compliance with the new regulations. At the same time, users of crypto exchanges may also face increased scrutiny of their transactions, which may affect their trading behavior and investment decisions.
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