The UK government is tightening oversight on the digital asset industry, announcing that crypto platforms will be required to track and report detailed user activity starting January 1, 2026.
Under the upcoming rules, companies must log every trade and transfer made by users — including personal information such as full names, addresses, and taxpayer IDs, along with transaction details like asset type and volume. Entities such as charities, businesses, and trusts will also fall under the reporting mandate.
Non-compliance could result in fines of up to £300 per user, according to HM Revenue & Customs, which is urging crypto firms to begin preparing their systems now. The agency plans to issue implementation guidelines ahead of the enforcement date.
The sweeping changes are part of the UK’s adoption of the OECD’s Cryptoasset Reporting Framework — a global standard intended to enhance transparency and tackle tax evasion in digital finance.
UK Chancellor Rachel Reeves recently reinforced the government’s broader ambition to bring crypto exchanges, custodians, and brokerages into a comprehensive regulatory framework. A draft bill introduced in April seeks to crack down on scams while creating a more stable environment for innovation.
“Our message is clear: the UK welcomes crypto innovation, but not at the expense of accountability,” Reeves said.
The move comes amid surging interest in crypto assets across the UK. A study by the Financial Conduct Authority revealed that crypto ownership among adults rose to 12% in 2024, tripling from 4% in 2021.
While the UK integrates crypto oversight into its existing financial infrastructure, the approach stands in contrast to the European Union’s MiCA regime. Unlike the EU, the UK will not impose volume caps on stablecoins and will allow foreign stablecoin issuers to operate domestically without mandatory registration — a more open model designed to attract global fintech players.
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South Korea’s top financial watchdog has issued informal guidance urging local asset managers to scale back their investments in crypto-related stocks, according to a Korean Herald report.
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