UK widens crypto reporting rules to cover domestic transactions
NeutralCryptocurrency
- The UK government has announced that starting in 2026, all cryptocurrency platforms will be required to report transactions involving domestic users. This move is part of a broader initiative to enhance regulatory oversight of digital assets as tax authorities worldwide tighten their scrutiny of cryptocurrencies.
- This development is significant as it aims to improve financial transparency and accountability within the cryptocurrency sector, addressing concerns over tax compliance and the potential for illicit activities associated with digital currencies.
- The expansion of reporting requirements reflects a growing trend among global regulatory bodies to impose stricter controls on cryptocurrency transactions, paralleling actions taken in other jurisdictions, such as Kazakhstan's crackdown on illicit crypto platforms and the EU's sanctions targeting crypto transactions linked to Russia.
— via World Pulse Now AI Editorial System