Market Cap: $3.4391T 4.130%
Volume(24h): $122.6091B 38.090%
  • Market Cap: $3.4391T 4.130%
  • Volume(24h): $122.6091B 38.090%
  • Fear & Greed Index:
  • Market Cap: $3.4391T 4.130%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top News
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
bitcoin
bitcoin

$109731.956184 USD

3.84%

ethereum
ethereum

$2692.478025 USD

7.88%

tether
tether

$1.000259 USD

-0.02%

xrp
xrp

$2.310195 USD

2.85%

bnb
bnb

$665.398326 USD

2.29%

solana
solana

$159.672203 USD

5.06%

usd-coin
usd-coin

$0.999804 USD

-0.01%

dogecoin
dogecoin

$0.194571 USD

6.55%

tron
tron

$0.287722 USD

1.47%

cardano
cardano

$0.712553 USD

7.00%

hyperliquid
hyperliquid

$39.140056 USD

10.60%

sui
sui

$3.406832 USD

5.85%

chainlink
chainlink

$14.613780 USD

6.44%

avalanche
avalanche

$21.918622 USD

5.88%

stellar
stellar

$0.276535 USD

3.81%

Cryptocurrency News Articles

UK to Fine Crypto Platforms for Missing User Information

May 18, 2025 at 04:00 am

Starting on January 1, 2026, all crypto asset companies operating in the UK must follow strict reporting rules.

UK to Fine Crypto Platforms for Missing User Information

The UK government has announced new and strict reporting rules for crypto companies, which will come into effect on January 1, 2026.

According to the new rules, crypto asset companies operating in the UK must follow the same reporting standards as traditional financial institutions. This is to prevent any tax evasion and promote transparency in cryptocurrencies.

The updated rules require service providers to collect and report more details about their users, including their name, address, tax identification, and full transaction data. This plan, known as the Crypto Asset Reporting Framework (CARF), is supported by the Organisation for Economic Cooperation and Development (OECD) for global cryptocurrency transparency.

The goal is to treat crypto activities and tax rules in the same way as traditional banking services, a plan that the UK has agreed upon with other countries.

To ensure compliance, crypto platforms will be required to log the identity of users and every transaction they make. This report will include the amount transferred, the type of asset, and its purpose.

If a company is targeting UK customers from outside the UK, it must adhere to the same standards. Any errors or missing data will result in a penalty of up to £300 for each user.

Although the rules will be implemented in 2026, officials are urging companies to begin collecting this information early to avoid any issues.

The UK government is introducing these measures as part of a broader plan to manage cryptocurrencies better. They believe that the new rules will help in protecting people and growing the fintech sector.

Chancellor Rachel Reeves recently spoke about changes to the UK Fintech Week. She mentioned that the government is setting rules for those handling digital assets, such as crypto exchanges and service providers. These guidelines should make crypto businesses safer for consumers and improve their overall performance.

According to Reeves, improved regulations will encourage investment, boost the fintech industry, and protect the public. This signifies that the UK is focused on balancing technology growth with safety.

Moreover, the UK plans to strengthen its ties with the United States. There is a proposal to introduce a joint testing area where digital assets can be experimented with safely. By doing this, countries can work on new approaches and create stricter rules for digital finance.

Ultimately, these fresh crypto regulations in the UK are designed to improve control and understanding of digital money. The changes are meant to handle tax issues, benefit businesses, and take care of everyday users. Even though 2026 might seem distant, crypto companies should prepare themselves now.

By aligning crypto regulations with traditional financial standards, the government aims to foster fintech growth; consequently, it also ensures greater security and compliance. Furthermore, this approach strengthens trust in the digital finance sector. Early preparation by crypto companies is essential to meet these new requirements. As a result, this will position the UK as a leader in responsible digital finance regulation and international collaboration.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Jun 11, 2025