UK Tax Authority Sends 81,000 Crypto Warning Letters Amid Global Reporting Framework Expansion

Britain's tax authority has sent over 81,000 warning letters to cryptocurrency investors in the past year, indicating a sharp rise in scrutiny of digital asset holdings.

This is part of a larger trend of governments refining crypto tax rules and connecting their reporting systems across borders.

The UK and dozens of other jurisdictions are expected to begin automatically sharing crypto account information under a new global tax reporting framework, the OECD's Cryptoasset Reporting Framework (CARF), in 2027.

HMRC can currently receive information from UK platforms and by 2027 will have access to more information, including data from over 50 jurisdictions.