Great Britain sets time until 2026 for crypto companies to report all user transactions

The British government exacerbates the supervision of the digital asset industry and announces that crypto platforms have to pursue and report detailed user activities from January 1, 2026.

According to the new regulations must Companies have logged all trading transactions and transfers made by users – including personal data such as complete names, addresses and tax identification numbers as well as transaction details such as the type and scope of the assets. Institutions such as charity, companies and trusts are also subject to reporting.

If there is non -compliance, according to HM Revenue & Custom's fines of up to £ 300 per user. The authority therefore urgently urges crypto companies to start preparing their systems. The authority plans to publish implementation guidelines before the regulations come into force.

The comprehensive changes are part of the takeover of the Cryptoasset Reporting Framework of the OECD by the United Kingdom – a global standard to improve transparency and combat tax evasion in the digital financial sector.

The British finance minister Rachel Reeves recently confirmed the government's more comprehensive intentions to integrate crypto exchanges, storage spaces and brokers into a comprehensive regulatory framework. A draft law submitted in April aims to combat fraud cases and at the same time create a more stable environment for innovations.

„Our message is clear: the United Kingdom welcomes innovations in the crypto area, but not at the expense of accountability“, Soft Reeves.

This step takes place against the background of an increasing interest in crypto assets throughout the UK. A study by the Financial Conduct Authority financial supervisory authority showed that the proportion of adults who have cryptocurrencies will increase to 12% by 2024 and will thus triple compared to 2021 (4%).

While the United Kingdom integrates the crypto supervision into its existing financial infrastructure, this approach is in contrast to the Mica regime of the European Union. In contrast to the EU, the United Kingdom will not introduce volume restrictions on stable coins and allow foreign issuers of stable coins to operate in Germany without obligatory registration-a more open model that is supposed to attract global fintech actors.