HM Revenue & Customs said it has recovered more than £8 million in tax through settlements with crypto investors since launching a crypto tax compliance drive in November 2023. Over the past two years, the agency reached disclosure settlements with 502 investors, with an average settlement value of about £16,600. In the 2024/25 tax year, 280 cases were settled for £3.54 million, while 222 settlements in 2025/26 brought in about £4.78 million. HMRC also sharply increased its outreach, sending 64,982 reminder letters to crypto investors in 2024/25, up 680% from three to four years earlier. The disclosure comes as the UK joins the OECD’s Crypto-Asset Reporting Framework, under which crypto service providers will be required from January 2026 to collect users’ identity and transaction data and report it to authorities. HMRC said roughly 8% of UK adults, or about 4.5 million people, currently hold crypto assets.
BlockBeats reported on July 24 that HM Revenue & Customs (HMRC) said it has recovered more than £8 million in tax after launching a crypto tax compliance campaign in November 2023.
Over the past two years, HMRC reached disclosure settlements with 502 crypto investors, with the average settlement amount coming in at about £16,600.
By tax year, the agency settled 280 cases in 2024/25 involving £3.54 million. In 2025/26, it settled 222 cases, with the total rising to about £4.78 million.
HMRC also said the number of “nudge letters” sent to crypto investors climbed sharply. In the 2024/25 tax year, that figure reached 64,982, up 680% from three to four years earlier.
As the UK joins the OECD Crypto-Asset Reporting Framework (CARF), crypto service providers will be required from January 2026 to collect users’ identity and transaction information and report it to authorities. HMRC said that room for investors to conceal gains will narrow under the new framework. About 8% of UK adults, or roughly 4.5 million people, currently hold crypto assets.
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