UK Tax Authority Issues 65,000 Warning Letters to Crypto Investors

The UK tax authority, HM Revenue & Customs (HMRC), has sent over 65,000 warning letters to crypto investors in the UK. The aim of this campaign is to encourage voluntary tax reporting on cryptocurrency holdings and transactions. These warnings are part of a larger effort by HMRC to increase their monitoring of the rapidly growing cryptocurrency sector. Fines of £300 per user for incomplete data submissions will apply if individuals fail to comply.