UK Tax Authority Intensifies Crypto Crackdown with 65,000 ’Nudge Letters’
The UK's HM Revenue & Customs (HMRC) has escalated its scrutiny of cryptocurrency tax evasion, dispatching 65,000 'nudge letters' to investors suspected of underreporting gains. This marks a 134% increase from the previous year, signaling a broader global trend of regulatory pressure on digital asset holders.
Accounting firm UHH Hacker Young revealed the figures through a Freedom of Information request. The HMRC now directly collects transaction data from major exchanges to identify discrepancies. 'The tax rules surrounding crypto are complex,' said Neela Chauhan, a partner at the firm. 'Many traders don’t realize that even swapping between coins triggers capital gains tax.'
Starting in 2026, the regulator will expand its reach by obtaining user data from global exchanges, further tightening compliance requirements for crypto investors.
