UK Upgrades Crypto Regulation: New Transaction Reporting Regime to Take Effect in 2026, Maximum Fine of £300 for Violations

Her Majesty's Revenue and Customs (HMRC) has announced updated crypto asset regulatory policies, mandating that all crypto asset service providers (CASPs) must strictly implement a client transaction reporting system starting in 2026. The policy applies to every crypto asset transaction conducted by all users, including activities on Layer 1, Layer 2, and DeFi blockchain platforms.\n\nUnder these regulations, CASPs are required to accurately record and promptly report user transaction data. If a provider fails to comply with the requirements or submits false information, regulators may impose a maximum fine of £300 (approximately $398.40) per affected user. This initiative aims to promote the orderly development of the crypto market and enhance industry transparency.

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