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Treasury Secretary Rachel Reeves said that companies engaged in the field of cryptocurrencies will now be required to report in a new way. This idea was proposed by the Tax Service back in May, and now it has become an official rule that must be followed.

From January 1, all those who provide crypto services to the British will have to carefully collect and verify data about their customers. This applies to both ordinary people and companies. The list of necessary information is quite detailed: you will need to specify the full name, date of birth, current address, legal name of the company and its registration address.

It is important that now cryptoservices themselves are responsible for the accuracy and completeness of this data. Companies will need to check the information regularly. The tax Service, in turn, promises to provide detailed instructions to help the platforms meet these standards.

The data collected during 2026 will need to be systematized and sent to the Tax Service for the first time in 2027. This will allow the tax service to automatically compare the incomes claimed by citizens with their transactions with cryptocurrency. And all this is done in order to identify cases where profits from trading in cryptocurrencies are not indicated in tax returns.

For investors, this means that they will need to carefully consider all transactions and pay taxes. For the crypto business, of course, there are additional costs and responsibilities, like for financial institutions. For the Tax Service, it is a tool for increasing tax collection and reducing the shadow sector of the economy. Perhaps such a decision can become an example for other countries and set a vector for transparency in the crypto industry.