According to data released by the UK’s HM Revenue and Customs (HMRC), approximately 17,600 individuals reported cryptocurrency-related gains in the 2024 to 2025 tax year, totaling $1.9 billion. Among them, 240 individuals reported capital gains exceeding £1 million (approximately $1.4 million), amounting to about $975 million in total. Additionally, the “disposal” amount from selling or trading digital assets in that year reached $18.7 billion.

James Murray, the Economic Secretary to the Treasury, stated that gains from crypto assets are subject to taxation just like other income, and he hopes that those looking to profit from cryptocurrencies understand their tax obligations. According to the OECD’s framework for reporting on crypto assets, the total taxable on-chain crypto activity globally is expected to reach $457 billion by 2025. The UK will require crypto asset service providers to report data on crypto gains and losses that taxpayers may not have declared, based on this framework.

Previously, HMRC had sent over 81,000 letters to individuals suspected of underreporting their tax liabilities as part of an enforcement action targeting cryptocurrency investors.