Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to implement and strengthen oversight of cryptoasset tax compliance, including measures to improve reporting, enforcement and consumer protection in the UK crypto market.

HMRC uses a range of approaches to manage tax compliance, helping taxpayers get their tax right whilst tackling those who avoid or evade paying the taxes that are due.

Current and planned tax compliance measures are detailed below:

• HMRC has obtained historical data from cryptoasset entities using statutory information-gathering powers and undertaken communications with customers to encourage self-correction and disclosure.
• A dedicated cryptoasset section was added to Self Assessment forms for 2024–25 returns.
• Implementation of the OECD Cryptoasset Reporting Framework (CARF) from 1 January 2026, requiring service providers to collect and report user information. This new framework is expected to lead to additional tax being collected of £535 million (across 2026-2031).
• HMRC has updated GOV.UK guidance and published a YouTube video (‘Cryptoassets and paying tax’) to improve customer understanding paying taxes.
• HMRC has established a dedicated Crypto Sector team to co-ordinate cryptoasset compliance activities. This team will expand in the Summer of 2026 in preparation of the data arriving from CARF to help promote compliance through education and tackle those who do not pay the tax that they owe.
• The government has introduced legislation to establish a new financial services regulatory regime for cryptoassets. Subject to Parliamentary approval, this will ensure consumers are protected and firms have the certainty needed to invest and grow in the UK.