The UK government is tightening its grip on cryptocurrency transactions with new data reporting rules aimed at boosting tax enforcement and monitoring global flows of digital assets. The regulations require exchanges, wallet providers, and other related businesses to track comprehensive customer information including names, addresses, taxpayer IDs, and details of each transaction. This rule extends to entities like trusts and charities operating on crypto platforms. 🤯 The new data regime aligns with the OECD’s Cryptoasset Reporting Framework, a global initiative aimed at preventing tax evasion and improving cross-border monitoring. 📈 Non-compliance can lead to hefty fines of up to £300 per account if companies fail to meet the requirements, prompting prompt action from crypto firms to ensure compliance. The move follows broader efforts to regulate digital asset businesses, including exchanges and custodians, under stricter scrutiny. The UK’s approach prioritizes sector growth while simultaneously combating fraud and financial instability. Unlike the EU’s MiCA framework, which imposes stricter registration requirements for stablecoin issuers, the UK’s regulatory landscape is more flexible, allowing foreign stablecoin operators to operate within the country without registration. Further details are anticipated soon. 🔎