UK HMRC Issues 65,000 Crypto Tax Letters: Targeting Individuals for Potential Underreporting

The UK’s tax authority (HMRC) has issued nearly 65,000 ‘nudge letters’ to individuals concerning potential cryptocurrency-related tax underreporting during the 2024–25 fiscal year. This action, targeting suspected evaders of cryptocurrency taxes, is fueled by real-time exchange data and KYC-linked information. HMRC’s initiative aligns with a global trend towards stricter crypto regulations and compliance.