The UK tax authority has for the first time released detailed statistics on income from digital assets, and the figures are impressive. For the tax period from 2024 to 2025, 240 taxpayers declared profits from cryptocurrency transactions exceeding £1 million (about $1.35 million). This is not just isolated data—it is the first public snapshot that allows us to assess the scale of wealth built on the volatile digital asset market.
The combined profits of these 240 crypto-millionaires reached £717 million ($974 million), accounting for more than half of all declared crypto income in the country for that period. In total, 17,600 individuals reported taxable profits from selling crypto assets, with their total transaction volume reaching £13.8 billion ($18.8 billion). The taxable base for these transactions was £1.38 billion ($1.88 billion), averaging about £78,000 per person. Notably, 87% of declarations were filed by men and only 13% by women, reflecting a persistent gender imbalance in the crypto investment space.
Chainalysis estimates and preparation for new rules
Analytics firm Chainalysis estimated the volume of taxable cryptocurrency transactions in the UK for 2025 at $19.4 billion. This is the fourth-highest figure globally, after the US, Germany, and China. This amount includes $6 billion in profits, $3.3 billion in income, and $10.1 billion in payments. However, as the analysts themselves emphasize, this is only a lower bound: the methodology covered six blockchains but did not account for transactions on centralized exchanges or several other networks and transaction types.
Starting in January 2026, the CARF (Cryptoasset Reporting Framework) reporting standard will come into effect in the UK, requiring crypto services to transmit client data to tax authorities. HMRC will begin receiving this information from 2027, which will undoubtedly strengthen fiscal oversight. Violators face a fine of £300 per client.
However, the reach of the new system should not be overestimated. According to Chainalysis data, CARF covers only 14% of all taxable on-chain transactions worldwide. The remaining 86% consist of operations on decentralized exchanges, direct transfers between users, on-chain income, and payments that remain outside the regulators' view.
My take: The publication of this data is a signal that tax authorities are beginning to take a systematic approach to the crypto industry. The figure of 240 crypto-millionaires is likely understated, given that a significant portion of profits still remains in the shadows. Investors should prepare for tighter oversight, and those who have not yet declared their income risk facing serious consequences in the coming years.