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 initiative is part of a broader effort to enhance regulatory oversight of digital assets as global tax authorities tighten their scrutiny of cryptocurrency activities.
- This development is significant as it aims to improve financial transparency and accountability within the cryptocurrency sector, addressing concerns over tax evasion and illicit activities associated with digital currencies.
- The move aligns with a global trend of increasing regulatory measures in the cryptocurrency space, as various jurisdictions, including the EU and Kazakhstan, are also implementing stricter rules to combat misuse and ensure compliance, reflecting a growing consensus on the need for oversight in the rapidly evolving digital asset landscape.
— via World Pulse Now AI Editorial System