The end of Crypto anonymity: HMRC’s new reporting rules are here
The "Wild West" era of cryptocurrency is officially drawing to a close. As of 1 January 2026, new regulations have come into effect that significantly change how crypto transactions are reported to HMRC.
If you hold, trade, or sell digital assets in the UK, it is no longer a matter of if the taxman finds out, it’s a matter of when.
What has changed?
Under the new Cryptoasset Reporting Framework (CARF), cryptocurrency exchanges, which essentially act as the banks of the digital world, are now legally required to automatically share user account details and transaction data with HMRC.
This move is part of a global effort to crack down on unpaid tax, with the UK government aiming to recover upwards of £300 million over the next five years. For investors, this means that any gains made from buying and selling virtual coins are now visible to tax authorities in real-time.
The 2025 Market Volatility & Your Tax Bill
Last year was a rollercoaster for the crypto market, and those fluctuations have direct tax implications. Take a look at the Bitcoin (BTC) trajectory throughout 2025:
| Period | BTC Value (Approx.) |
|---|---|
| Start of 2025 | $93,500 (£69,500) |
| 2025 Peak | $124,500 |
| End of 2025 | Under $90,000 |
If you moved your assets or sold during those peaks, you likely triggered a Capital Gains Tax (CGT) event. HMRC is specifically looking for investors who bought low and sold high but failed to report their profits.
Important Deadlines to Watch
At Zyla, we want to ensure you stay on the right side of these changes. There are two critical dates you need to be aware of:
31 January 2026: This is the deadline for filing your Self-Assessment tax return for the 2024-25 financial year. Note that there is now a dedicated section for cryptoassets on the form.
12 February 2026: The Financial Conduct Authority (FCA) will conclude its consultation on tougher industry regulations, including measures to prevent insider trading and new requirements for crypto lending.
"Coming Clean": Voluntary Disclosures
HMRC isn't just looking forward; they are looking back. If you have undeclared gains from prior years (before April 2024), HMRC is currently running a disclosure facility.
Coming forward voluntarily is almost always better than waiting for an investigation. It often results in lower penalties and demonstrates a willingness to comply.
Zyla Note: If you’re unsure whether your past trades were taxable, don't wait for a letter from HMRC. Let’s review your transaction history together.
How Zyla Accountants Can Help
Navigating crypto tax can be complex, especially with decentralised finance (DeFi), staking, and various exchange exports. We can help you:
Calculate your exact CGT liability using professional-grade software.
Navigate the new Self-Assessment sections to ensure accurate filing.
Manage voluntary disclosures if you need to rectify previous years.
The landscape is changing, but with the right preparation, you can continue to invest with confidence.