Crypto & Tax: New Rules Coming in 2026 – Are You Ready?

If you hold or trade cryptoassets – like bitcoin, ethereum or even meme coins like dogecoin – you’ll want to pay attention to the big changes coming in January 2026.

From that date, anyone using crypto platforms (known as "cryptoasset service providers") will need to hand over key personal details to each provider they use. Why? Because HMRC wants to make sure everyone is paying the correct tax on their crypto gains and income.

Let’s break it down.

What’s Changing?

From January 2026, crypto platforms must report certain information to HMRC, including:

• Your full name and address

• Date of birth

• National Insurance number or Unique Taxpayer Reference (UTR)

• Your country of tax residence

• A summary of your crypto transactions

This is all part of the Cryptoasset Reporting Framework (CARF) – an international standard developed by the OECD to help tax authorities share information globally.

In short: HMRC will know a lot more about your crypto activity than ever before.

What Happens If You Ignore the Rules?

It’s not just about keeping things tidy – there are real penalties for non-compliance.

• Individuals who don’t provide their information to crypto platforms may face a £300 fine per platform.

• Crypto service providers that don’t report properly – or submit inaccurate or incomplete data – could also face a £300 fine per user.

These fines are just the beginning. In more serious cases, further penalties or investigations could follow.

But Wait – Shouldn’t You Already Be Reporting Crypto Gains?

Yes – this isn’t entirely new territory. If you sell, trade, or even receive crypto as income (including staking rewards or airdrops), you should already be reporting that on your self-assessment tax return.

From the 2024-25 tax year onwards, HMRC has even created dedicated crypto sections within the capital gains pages to make it clearer and more transparent.

Crypto Isn’t HMRC’s Only Focus

It’s worth noting that HMRC has also been tightening its grip on income from online platforms like eBay, Etsy, Depop, and Airbnb. New powers allow them to collect seller data directly from these platforms – so if you’re trading or letting property online, you should ensure your records are up to date.

What Should You Do Now?

• Keep detailed records of all your crypto transactions

• Check that your self-assessment returns include all relevant crypto activity

• Be ready to share your details with crypto platforms from 2026

• Speak to a tax adviser who understands both crypto and HMRC’s evolving rules

Need Help Navigating the Tax Maze?

At Pharos Accounts, we make tax matters clear – whether you're a casual crypto investor, a full-time trader, or just want to make sure you’re staying compliant.

We’re Chartered Certified Accountants and Chartered Tax Advisers, and we help individuals and businesses across the UK stay one step ahead.