UK Government Asks Crypto Firms to Collect User Data from 2026, Hefty Fine for Misreporting
99BitcoinsMonday, May 19, 2025 at 2:32:59 PM
** The UK government is tightening the reins on crypto firms, requiring them to collect and share detailed user data starting in 2026. This comes as part of broader crypto reforms, aligning with international standards set by the OECD. Companies that fail to report accurately could face hefty fines.
What This Means: ** This move signals the UK’s push to bring crypto in line with traditional financial oversight—boosting transparency but also raising privacy and compliance concerns. For crypto users, it means more scrutiny, and for businesses, a new layer of red tape (and potential penalties). Whether this stabilizes the market or stifles innovation depends on how it’s enforced.
— Curated via WP Now’s AI editorial system
