HMRC issues 81,000 tax compliance letters to crypto holders

HMRC has issued 81,000 warning letters to cryptocurrency holders as part of an intensified tax compliance initiative. This figure represents a near tripling of such notifications compared to 2024 levels. The data was obtained through a Freedom of Information request regarding the agency's enforcement activity. These communications serve as reminders for individuals to report capital gains and income derived from digital asset transactions. The increase in correspondence reflects a broader effort by tax authorities to address the reporting gap in the crypto sector. Market participants should monitor for further updates on tax enforcement trends and potential changes to reporting requirements.