HMRC Doubles Crypto Tax Evasion Warnings to 65,000 as Crypto Compliance Efforts Intensify

The UK’s HMRC has issued a record-breaking 65,000 warning letters to suspected cryptocurrency tax evaders for the 2024–25 fiscal year. This marks a significant increase from last year’s 27,700 warnings and highlights HMRC’s efforts to strengthen crypto tax compliance in the UK. The increased scrutiny stems from complex tax regulations surrounding digital currencies. 65,000 demand letters were sent to individuals believed to be avoiding capital gains taxes while trading cryptocurrencies. This action by HMRC reflects a wider global trend of tackling crypto tax evasion as the cryptocurrency industry continues to grow.