The UK tax authority (HMRC) has for the first time disclosed data on crypto investors whose income from digital asset transactions exceeded £1 million ($1.35 million). In the 2024 to 2025 tax year, there were exactly 240 such individuals. This is a landmark moment: the regulator has publicly acknowledged for the first time the scale of wealth concentrated in the hands of cryptocurrency holders in the country.
The combined profits of these 240 crypto-millionaires amounted to £717 million ($974 million) — more than half of all declared crypto income in the UK for the stated period. For comparison: another 17,600 taxpayers reported profits from crypto asset sales subject to capital gains tax (CGT). Their transactions totaled £13.8 billion ($18.8 billion), with taxable profits of £1.38 billion ($1.88 billion), averaging around £78,000 per person. Notably, 87% of declarations were filed by men, and only 13% by women.
Gender imbalance and capital concentration
These figures confirm an obvious trend: the crypto market in Britain remains an arena for large players rather than mass investors. Male dominance in 87% of declarations is not just statistics but a reflection of a structural skew in access to high-risk assets. However, financier James Murray from the Treasury rightly reminds us: taxes on crypto profits are paid just like on any other income. This is a basic norm that many, unfortunately, ignore.
On-chain statistics: the real scale is larger
Chainalysis analysts estimated the volume of taxable cryptocurrency transactions in the UK for 2025 at $19.4 billion. This is only a lower bound — the methodology covered six blockchains but excluded centralized exchanges and several networks. For comparison, only the US, Germany, and China have higher figures. This amount included $6 billion in profits, $3.3 billion in income, and $10.1 billion in payments.
From 2026, the CARF (Cryptoasset Reporting Framework) standard comes into effect, requiring crypto services to transmit client data to tax authorities. HMRC will begin receiving this information from 2027, and violators face fines of up to £300 per client. However, the system is not comprehensive: only 14% of taxable on-chain transactions worldwide fall under CARF. The remaining 86% are operations on decentralized exchanges, direct transfers between users, and on-chain income.
My view: The publication of this data is a signal to the market. HMRC is not just recording income but preparing the ground for total control. Investors, especially large ones, should review their tax strategies in advance. Transparency is inevitable, and those who play by the rules will gain an advantage over those who hope to remain in the shadows.