The UK tax authority (HMRC) has for the first time published detailed statistics on taxpayers who earned from cryptocurrency. The figures are impressive: for the tax period 2024–2025, 240 individuals declared profits from digital asset transactions exceeding £1 million (about $1.35 million). This is the agency's first such detailed report within its annual capital gains tax (CGT) documentation.
Where the millions are flowing
The combined profit of these 240 crypto investors amounted to £717 million (nearly $974 million). For context: this is more than half of all declared income from crypto assets in the country for the year. The remaining market participants — 17,600 people — showed much more modest results. Their CGT-liable transactions totaled £13.8 billion ($18.8 billion), with taxable profit reaching £1.38 billion ($1.88 billion), averaging about £78,000 per person.
The gender dynamics are also notable: men filed approximately 87% of all declarations, while women accounted for only about 13%. This points to a persistent imbalance in the distribution of crypto assets and investment activity.
What on-chain data shows
Analytical firm Chainalysis estimated the volume of taxable crypto transactions in the UK for 2025 at $19.4 billion. This is the fourth-largest 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, it is important to understand: this is only a lower bound. The analysis methodology covers six blockchains but does not account for operations on centralized exchanges, certain networks, transaction types, or platforms.
Meanwhile, HMRC is preparing the ground for stricter oversight. Starting January 2026, the CARF (Cryptoasset Reporting Framework) reporting standard comes into effect. Crypto asset service providers 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: according to Chainalysis estimates, 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.
My view: The publication of this data is a signal that regulators are moving from words to action. The British market is becoming more transparent, but 240 crypto millionaires are just the tip of the iceberg. Given that CARF covers only a small share of real transactions, many major players remain outside the tax authorities' radar for now. However, the trend is clear: anonymity in the crypto industry is rapidly eroding, and investors should prepare in advance for the new rules of the game.