The UK’s tax authority, HM Revenue and Customs (HMRC), reported that 240 individuals declared capital gains exceeding £1 million ($1.4 million) each from digital assets in the last tax year.
Widespread crypto gains reported
Data released by HMRC showed that these 240 taxpayers together accounted for approximately $975 million in capital gains from cryptocurrencies during the 2024 to 2025 tax period. Across all individual filers, 17,600 people recorded capital gains from digital assets amounting to $1.9 billion. In total, the reported “disposal” value—referring to assets sold or traded—reached $18.7 billion for the year.
James Murray, Financial Secretary to the UK Treasury and Paymaster General, addressed the importance of tax compliance in the cryptocurrency sector. He noted,
Taxes are due on cryptoasset gains just like any other gains, and the government aims to ensure that individuals earning profits from crypto transactions understand and fulfill their tax obligations.
International reporting rules and stricter monitoring
The UK intends to strengthen oversight of cryptoasset tax reporting through the adoption of the Organization for Economic Co-operation and Development’s Crypto-Asset Reporting Framework. This international standard is designed to curb underreporting by requiring service providers to directly submit user transaction data to tax bodies.
Globally, onchain crypto activity believed to be taxable is expected to reach $457 billion in 2025 under the OECD framework. The changes will oblige crypto exchanges and other digital asset platforms operating in the UK to share information on transaction gains and losses, reducing the risk of undisclosed profits.
Mini dictionary: Organization for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework, an international tax standard mandating crypto service providers to report users’ transaction data to tax authorities to promote transparency and combat tax evasion in the digital asset sector.
| Metric | Value (2024-2025) |
|---|---|
| People with >$1.4M in gains | 240 |
| Total crypto gains reported | $1.9 billion |
| Total disposal value | $18.7 billion |
| Expected global taxable crypto activity (2025) | $457 billion |
Increased enforcement targeting crypto investors
HMRC’s data release follows a wave of compliance efforts targeting the country’s digital asset investors. The agency recently sent over 81,000 letters to individuals suspected of underpaying taxes in connection with their cryptocurrency activities. These actions reflect the UK government’s intent to reinforce enforcement and improve tax collection within the rapidly evolving digital asset ecosystem.
