UK Authorities To Demand Full Crypto Transaction Receipts by 2026

The United Kingdom (UK) is taking a firm step toward tightening its grip on crypto. Starting January 1, 2026, every crypto firm operating in the country must report detailed user and transaction data. The move is part of a global plan to reduce tax evasion and bring crypto into the same light as traditional finance. Notably, the new change applies only to local firms; foreign platforms with UK customers must also comply. UK Adopts Global Crypto Rules The UK government is now following global rules for crypto by adopting the Crypto Asset Reporting Framework (CARF). This new step aims to make crypto more transparent and stop people from hiding money or avoiding taxes. The UK tax authority will now require crypto platforms to collect and report detailed user information, such as full legal names, addresses, tax identification numbers, and specifics about each transaction. This also includes the type, value, and volume of assets and the nature of every crypto-related activity. This applies to every trade, transfer, or activity involving a UK user or a user from any other country following CARF rules. Notably, the UK is handling crypto differently from the EU’s new Markets in Crypto-Assets ( MiCA) rules. Instead of creating a separate system for lending, borrowing, staking, and stablecoins, the UK authority is incorporating crypto services into its current financial laws. Government Urges Crypto Platforms To Start Preparing Crypto platforms will not just collect information. They must report it to the UK government, ensuring that no transaction goes unseen. Even foreign-based firms, like Galaxy Digital , Coinbase , must meet these standards as long as they serve UK clients. Any mistakes or missing data could lead to penalties of up to £300 per user. Though the rules will not be enforced until 2026, authorities are urging firms to begin data collection now. Early preparation is expected to prevent compliance issues down the road. UK Plans Stricter Crypto Rules to Support Safe Growth UK authorities say this is not just about control. It is about protecting users, boosting trust, and building a better crypto industry. During UK Fintech Week in April, Chancellor Rachel Reeves said the country will continue to promote fintech and crypto growth but with more careful oversight. The government is also drafting new laws to regulate crypto exchanges, dealers, and custodians more strictly. This will improve how these firms operate and ensure stronger consumer protection. In addition, the UK is looking beyond its borders. Officials recently floated the idea of a “transatlantic sandbox” for digital assets. This initiative would let firms test crypto products in both the UK and US under shared rules. This proposal is part of the UK’s “ Plan for Change economic agenda,” the government’s broader effort to lead in financial innovation. The post UK Authorities To Demand Full Crypto Transaction Receipts by 2026 appeared first on TheCoinrise.com .