Non-compliant traders face steep fines

British traders of cryptography could soon face more than market volatility – in terms of January, not to share personal details with trading platforms could cost them £ 300 each.

The British government is tightening its grip on the cryptographic economy with new tax compliance rules which oblige users to provide identification information to exchanges and platforms. The framework of crypto -assembly reports, designed to fill gaps and capture unpaid capital gains, should raise 315 million pounds sterling by April 2030. Fines – targeting both individual holders and non -compliant service providers – are part of a broader thrust to provide digital assets under traditional financial monitoring and regulations in the traditional United Kingdom American policy that the EU’s approach.

According to the Daily mailBitcoin carriers (BTC), Ethereum (Ethn), and other cryptocurrencies must provide precise information to the exchanges and platforms they use for trading.

Service providers who do not report details of the transaction and tax reference numbers will also face penalties.

“I’m not going to apologize”: the chancellor Reeves

The secretary of the chessboard James Murray, deputy, said that the rules will help “repress the tax dodgers to fill the tax gap”.

The Minister stressed that in -depth reports will ensure that “tax dodgers have nowhere to hide” while generating income for essential public services, including health care and police.

The new framework is one of the wider government efforts to increase tax compliance between digital asset transactions. The current British tax rules require that cryptocurrency holders pay the tax on capital gains on profits, but the application was limited by reporting the gaps.

The moment coincides with the refusal of Chancellor Rachel Reeves to exclude increases in future taxes after recent inversions of well-being reform.

Reeves defended the government’s budgetary approach, declaring: “I will not apologize for making sure that the figures add up.”

Tax compliance measures complete the broader regulatory framework of the United Kingdom, with a bill published in April 2025. This puts the exchanges of crypto, dealers and stablecoin issuers under the traditional surveillance of financial services.

The regulatory approach aligns more closely with the United States than EU markets in the regulation of cryptocurrency. The British authorities extend the existing financial regulations to cryptographic companies thanks to the implementation by step which should be completed by 2026.

The first phase focuses on the stablescoins while the second phase will extend to wider categories and activities of crypto-authors. Key rules and requirements are already implemented throughout 2025.

Cryptocurrency service providers must implement customer data collection systems and regular report procedures to avoid penalties. The compliance burden can increase operating costs for smaller trading exchanges and platforms.

Users who negotiate on non -compliant platforms or do not provide any documentation required confront direct financial penalties. The fine structure of £ 300 creates clear incentives for voluntary compliance while generating income from non -compliant actors.

Chancellor Reeves acknowledged that recent policies reversions have been “damaging” but argued that budgetary responsibility requires complete tax collection.