flash on Nostr: ⚡️🇬🇧 NEW - UK crypto businesses urged to report every user and transaction ...

⚡️🇬🇧 NEW - UK crypto businesses urged to report every user and transaction or face heavy penalties.

Crypto businesses must report user and transaction data from 2026.

Penalties of up to £300 per user apply for incorrect or missing data.

🗣️ "The change follows the UK's adoption of the Cryptoasset Reporting Framework , a global standard designed to combat tax evasion and align cryptocurrency transparency with that of the banking sector."

🚨 This will require platforms to identify each user and record their legal details, addresses and tax identification numbers.

"Strict rules around cryptocurrencies will boost investor confidence, support the growth of fintech and protect people across the UK"
says Chancellor Rachel Reeves.