Starting yesterday, on January 1, 2026, folks in the UK who buy or sell crypto have to hand over their account details to tax officials. It's all part of a big push to catch people dodging taxes on their crypto gains.
The UK's tax body rolled out these changes to crack down on evasion. If you made a profit from crypto in the 2024-25 tax year, you might need to file reports and pay up. Crypto exchanges now have to collect your full transaction history like how much you bought, sold, and earned and share it with the authorities.
This isn't just a UK thing; 48 countries, including spots in Europe like the Netherlands, signed on to something called the Crypto-Asset Reporting Framework, or CARF. It means platforms verify your tax residency and report balances yearly.
Back in June 2025, the tax body announced the details, giving everyone a heads-up. Now, governments want their cut from profits, just like with stocks or property. In the US, the IRS kicked off similar tracking for cost basis in 2025, making filing taxes trickier but more accurate.
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