BlockBeats News, July 24th – The UK's HM Revenue & Customs (HMRC) revealed that since launching a cryptocurrency tax compliance special operation in November 2023, it has reached disclosure agreements with a total of 502 cryptocurrency investors over the past two years, recovering over £8 million in taxes. The average amount recovered per settlement is approximately £16,600. In the 2024/25 fiscal year, 280 individuals reached settlements involving £3.54 million, while in the 2025/26 fiscal year, 222 individuals settled for around £4.78 million.

At the same time, the number of "nudge letters" sent by HMRC to cryptocurrency investors has surged significantly, reaching 64,982 in the 2024/25 fiscal year, a 680% increase from three to four years ago. With the UK joining the OECD Crypto Asset Reporting Framework (CARF), starting in January 2026, crypto service providers will be required to collect user identity and transaction information and report it to the authorities. This will further shrink the space for investors to conceal their gains. Currently, approximately 8% of UK adults (around 4.5 million people) hold cryptocurrency assets.