UK Tightens Crypto Tax Rules Aiming to Raise £315 Million by 2030
The UK government, through HM Treasury and HMRC, has implemented new tax reporting regulations for cryptocurrency users, with the aim of raising £315 million by 2030. These regulations represent a significant tightening of oversight on crypto transactions, aligning the UK with US-style reporting standards and potentially influencing global regulatory frameworks.
The new rules mandate that all crypto exchanges and platforms report user transactions, thereby reinforcing compliance and transparency. The HMRC has emphasized that penalties will be imposed on those who fail to declare their crypto gains, signaling a strong stance against tax evasion. This move is part of a broader effort to close the tax gap and generate revenue for…
