For the first time in history, the British tax authority HMRC has published precise statistics on cryptocurrency income. The figures are impressive: for the tax period 2024-2025, 240 individuals declared profits exceeding £1 million ($1.35 million). This is not just dry reporting, but a marker of market maturity and a signal for all industry participants.
An analysis of the document published as part of the annual Capital Gains Tax (CGT) report shows that these 240 crypto investors collectively declared profits of £717 million ($974 million). This is more than half of all crypto income recorded in the country for the year. The rest — 17,600 taxpayers — earned profits from selling digital assets totaling £13.8 billion ($18.8 billion).
At the same time, the taxable base for these transactions reached £1.38 billion ($1.88 billion), averaging about £78,000 per person. The gender dynamics are also curious: men filed approximately 87% of declarations, while women only 13%. This confirms the persistent imbalance in engagement with high-risk investments.
On-chain reality: how much is it really?
However, official declarations are only the tip of the iceberg. Analytics firm Chainalysis estimates the volume of taxable cryptocurrency 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 that these estimates are conservative. The methodology considered only six blockchains and did not include operations on centralized exchanges, several networks, and transaction types. The real figures are likely significantly higher.
CARF: the beginning of total control
HMRC is already preparing the ground for stricter oversight. From 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 such information from 2027. Violating the requirements carries a fine of £300 per client.
Nevertheless, the system is not all-powerful. According to Chainalysis estimates, only 14% of all taxable on-chain transactions worldwide fall under CARF. The remaining 86% remain outside the regulators' view — these include operations on decentralized exchanges, direct P2P transfers, and on-chain income. The fight for tax transparency in crypto is just beginning.
My view: The publication of this data is a dual signal. On one hand, it legitimizes the crypto community, showing that large fortunes are being created and declared. On the other, it is a prelude to fiscal pressure. Investors, especially those with large portfolios, should build their tax strategy in advance, because with the arrival of CARF, hiding income will become significantly more difficult.