Bitcoin

<p>The upcoming rules will force exchanges, wallet providers, and related businesses to track full customer information, including names, addresses, taxpayer IDs, and specifics of each transaction. The regulations also extend to entities such as trusts and charities using crypto platforms.</p>
<p>The new reporting regime is part of the UK’s alignment with the OECD’s Cryptoasset Reporting Framework, a global initiative designed to close cross-border tax loopholes and monitor crypto flows more effectively.</p>
<p>Non-compliance could be costly, with fines reaching £300 per account if companies fail to meet the requirements. While official guidance is still pending, authorities are already urging crypto firms to begin preparing their systems now.</p>
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<p>This data push follows a broader legislative effort to bring digital asset companies — from exchanges to custodians — under tighter scrutiny. Finance officials say the goal is clear: promote growth in the sector while cracking down on fraud and financial instability.</p>
<p>Unlike the EU’s MiCA framework, the UK’s approach appears more flexible — allowing foreign stablecoin issuers to operate domestically without needing to register, and placing no limits on stablecoin transaction volumes.</p>
<p>The post <a href="https://coindoo.com/uk-tightens-grip-on-crypto-transactions-with-new-data-rules/" rel="noopener noreferrer nofollow">UK Tightens Grip on Crypto Transactions with New Data Rules</a> appeared first on <a href="https://coindoo.com" rel="noopener noreferrer nofollow">Coindoo</a>.</p>

UK Tightens Grip on Crypto Transactions with New Data Rules

Coindoo.com

Other articles published on May 19, 2025

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