UK government reports 240 crypto millionaires in 2025
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The UK’s tax authority, HM Revenue and Customs, reported that in the 2024 to 2025 tax year, about 17,600 people declared a total of $1.9 billion in crypto gains. Among them, 240 individuals each reported capital gains exceeding $1.4 million. The data reveals that these 240 crypto millionaires collectively claimed roughly $975 million in gains.
Why it matters
The report highlights the UK government’s efforts to enforce tax compliance on cryptocurrency gains, signaling the increasing importance of crypto taxation. It also reflects the scale of taxable crypto activity in the country and the government’s use of reporting frameworks to identify underreported gains.
Key context
The disclosed figures come as part of the UK's implementation of the OECD’s Crypto-Asset Reporting Framework, which requires crypto service providers to report users’ gains and losses. HMRC has also taken action by sending over 81,000 letters to individuals suspected of tax underpayment related to crypto.
Key numbers and entities
HM Revenue and Customs; 17,600 individuals reporting $1.9 billion in crypto gains total; 240 people each reporting over $1.4 million in gains; combined gains of $975 million from these millionaires; $18.7 billion in crypto asset disposals; UK Treasury Financial Secretary James Murray; OECD’s Crypto-Asset Reporting Framework.
What remains unclear
The source does not specify how the $18.7 billion in disposals compares to previous years or the total volume of crypto trading in the UK. It also does not provide details on the enforcement outcomes from the 81,000 letters sent or how many subsequently paid owed taxes.