The UK tax authority (HMRC) has publicly disclosed data on cryptocurrency millionaires in the country for the first time. According to the report, for the 2024-2025 tax period, 240 individuals declared profits from digital asset transactions exceeding £1 million ($1.35 million).
These figures are part of the annual Capital Gains Tax (CGT) statistics, which now include a separate section for crypto assets. This is an important signal: the regulator has stopped viewing digital currencies as a marginal instrument and has begun systematically tracking their impact on the economy.
Where the profits are concentrated
The total declared profit of these 240 crypto millionaires amounted to £717 million ($974 million). This is more than half of all crypto income recorded in the country for the year. The remaining 17,600 taxpayers who earned profits from selling crypto assets declared transactions totaling £13.8 billion ($18.8 billion) in aggregate.
The total taxable profit from these transactions reached £1.38 billion ($1.88 billion) — an average of about £78,000 per person. Interestingly, 87% of the declarations were filed by men, and only 13% by women. This points to a persistent gender imbalance in crypto investing, which we also observe in other jurisdictions.
On-chain reality and new rules
Analytical firm Chainalysis estimates the volume of taxable crypto transactions in the UK for 2025 at $19.4 billion. This is the fourth-highest figure in the world, after the US, Germany, and China. This amount includes $6 billion in profits, $3.3 billion in income, and $10.1 billion in payments.
It is important to understand: the experts used a conservative methodology, covering only six blockchains and excluding transactions on centralized exchanges. So the real figures could be significantly higher.
Starting in January 2026, the CARF (Cryptoasset Reporting Framework) reporting standard comes into effect. Crypto services will be required to transmit client data to tax authorities, and HMRC will begin receiving this information from 2027. Violating the requirements carries a fine of £300 per client.
However, the system is not comprehensive: CARF covers only 14% of all taxable on-chain transactions worldwide. The remaining 86% are transactions on decentralized exchanges, direct P2P transfers, and other forms of settlement that remain outside the regulators' view.
My view: the publication of this data is not just statistics, but a warning. Britain is preparing the ground for large-scale audits, and crypto investors should get their reporting in order in advance. Tax transparency is becoming the new norm, and those who ignore this trend risk ending up in the crosshairs of fiscal authorities.