HMRC cryptoasset reporting rules and their impact

From 1 January 2026, the landscape for cryptoasset investors and businesses is set to change dramatically.

HM Revenue & Customs (HMRC) has announced that it will begin collecting detailed personal and business information from users of cryptoasset platforms – a move designed to clamp down on tax evasion and bring greater transparency to digital assets.

If you or your business deals in cryptoassets – whether that’s buying, selling, transferring, or holding NFTs – now is the time to make sure you’re compliant.

What’s changing under HMRC cryptoasset reporting rules?

From the start of 2026, anyone using a cryptoasset service provider will be required to provide the platform with personal or business details, including:

• Full name
• Date of birth
• Residential or business address
• Tax identification number (for UK users, this is your NI number or UTR)

This applies whether the provider is UK-based or not.

If they follow the same international reporting rules (and most will), your data will be passed to HMRC – or to the relevant overseas tax authority if you’re based abroad.

Where information exchange agreements are in place, tax authorities abroad will share data with HMRC about UK residents who have traded or invested through non-UK platforms.

Why HMRC cryptoasset reporting rules are being introduced

HMRC wants to ensure taxpayers are declaring their crypto activity, paying Capital Gains Tax on profits, and reporting Income Tax and National Insurance on crypto received through employment or mining.

This forms part of an international agreement to share user data across borders.

Essentially, the days of crypto operating in anonymously are numbered.

How HMRC’s cryptoasset reporting rules will affect you

If you or your business are involved with:

• Exchange tokens (like bitcoin or ethereum)
• NFTs (non-fungible tokens)
• Utility tokens, stablecoins or security tokens

…then you will be required to provide accurate identifying information to every crypto service provider you use.

Failing to do so could land you with a penalty of up to £300.

Providing inaccurate or misleading details carries the same risk.

The risks of ignoring crypto tax liabilities

HMRC will soon have access to more data than ever before – including cross-border and non-UK transactions.

If you’ve not been properly reporting crypto income or gains, you may find yourself in the spotlight.

Whether it’s historic gains not declared, or income received in crypto and not reported, now is the time to get your tax affairs in order.

Voluntary disclosure is always viewed more favourably than waiting for HMRC to come knocking.

What should you do now to prepare for HMRC’s cryptoasset rules?

• Review your past crypto transactions and check whether any tax is due
• Get up to date with reporting requirements, especially if you receive crypto from employment or mining
• Speak to a professional – crypto tax is complex, and expert advice is key to avoiding penalties
• Ensure you understand the information you’ll be required to provide from January 2026

We previously published a series of articles covering some of the tax considerations of crypto transactions. If you want to know more about the circumstances in which a tax liability may arise, the first of these articles can be found here.

HMRC is tightening the net around cryptoassets – but with preparation and professional guidance, you can stay compliant and avoid falling foul of the rules.

Need help untangling your crypto tax position? Get in touch – our specialist tax advisers can help you take control.

You can speak to our friendly and experienced team on: 0203 675 8122 or email jeremy.johnson@intaxltd.com directly.

inTAX is a specialist tax disputes firm. We deal with disclosures, investigations, and tax enquiries of all descriptions, including COP9, fraud investigations, VAT fraud, tax avoidance, let property disclosures and tribunal appeals. However, we don’t just deal with the serious end of tax investigations; we are also happy to handle smaller enquiries, disputes and problems that can be equally as worrying for our clients