The UK plans to require encryption companies to report user and transaction data starting in 2026.

PANews reported on May 17 that according to a new regulation introduced by the UK tax authority, as of January 1, 2026, cryptocurrency companies operating in the UK will be required to collect and report detailed user and transaction data. Crypto platforms must identify each user and record their legal identification information, address, and taxpayer identification number. In addition, the platform must record every transaction involving UK users or users from other CARF participating countries, including details such as transaction amount, asset type, quantity, and nature of the transfer. These requirements also apply to overseas companies providing services to UK customers. If the reported information is incorrect or incomplete, each user may be fined up to £300.