tax

The UK's HM Revenue and Customs (HMRC) stated that for the 2024 to 2025 tax year, 240 individuals each reported capital gains from crypto assets exceeding £1 million, totaling £717 million, accounting for more than half of the total. The capital gains of all 17,600 filers amounted to £1.38 billion, with disposals totaling £13.8 billion. Taxpayers reporting capital gains below £25,000 accounted for 65%, contributing only 7% of the capital gains and 8% of the disposals.Among crypto asset taxpayers, 54% are aged between 25 and 44, and 81% are under 54; males account for 87%, contributing 93% of the capital gains. The UK is advancing regulation based on the OECD crypto asset reporting framework, requiring trading service providers to provide customer information to tax authorities, with HMRC set to start receiving relevant data in 2027; service providers failing to comply will face fines of up to £300 per user. James Murray, Financial Secretary to the Treasury, stated that capital gains from crypto assets are subject to tax just like other capital gains. The UK Treasury plans to defer capital gains tax on DeFi lending and assets deposited into liquidity pools until the actual disposal of the assets. For the 2025 to 2026 tax year, capital gains exceeding the tax-free allowance must be reported by January 31, 2027.

The fourth largest party in the New Zealand Parliament, the Association of Consumers and Taxpayers (ACT), proposed to exempt individual retail investors who hold compliant crypto assets for more than one year from capital gains tax, while assets held for less than one year, as well as professional traders and businesses, will still be taxed according to current tax regulations.ACT also proposed tax exemption for small personal consumption using crypto assets, and to establish clear regulatory and tax rules for compliant payment stablecoins, tokenized securities, and real-world assets, while setting up a regulatory sandbox for startups to test new products. ACT Deputy Leader Nicole McKee stated that clear rules, moderate protective measures, and reduced cumbersome regulations will help New Zealand develop digital finance, modern capital markets, and financial innovation. The New Zealand government has introduced a bill to implement the Economic Cooperation and Development Organization's Crypto Asset Reporting Framework (CARF).

Bitcoin News posted on the X platform stating that France disclosed this month that its tax administration department was hacked, with approximately 678,000 individuals and businesses' related data stolen. The stolen data reportedly includes names, addresses, income, and property information.An analysis of the alleged database found that 26,805 records showed incomes exceeding 100,000 euros, including 386 records over 1 million euros. According to CertiK data, in the first half of 2026, France accounted for 33 out of 52 verified cryptocurrency wrench attacks globally. French prosecutors also accused a tax department employee of using the government database to identify cryptocurrency investors and selling personal information to criminals involved in personal attacks and extortion.The latest data breach incident has no publicly linked personal attack events, but the sensitive financial and location data of hundreds of thousands of individuals may no longer be under government control.

According to CoinDesk, the UK's HM Revenue and Customs (HMRC) has disclosed cryptocurrency earnings data separately for the first time in personal income tax returns. In the 2024-2025 fiscal year, a total of 240 taxpayers reported capital gains from cryptocurrencies exceeding £1 million (approximately $1.36 million), while 17,600 individuals reported taxable gains from cryptocurrency disposals, totaling £1.38 billion (approximately $1.87 billion), with an average of about £78,000 per person, of which nearly 90% were male.HMRC stated that it has begun implementing the OECD's cryptocurrency reporting framework, which requires cryptocurrency service providers to submit customer data to tax authorities, with the expectation of receiving relevant data starting in 2027 to cross-check taxpayer reporting information. In addition, HMRC mentioned that in the 2024-25 fiscal year, an additional £168 million (approximately $228.2 million) in capital gains tax was collected through compliance and educational activities.

Cryptocurrency financial and tax solutions provider FinTax announced the completion of its seed round financing, led by YZi Labs, with participation from Amber, Hash House, Pundi AI, Waverider International, and Nexus Holdings, resulting in a post-investment valuation of $40 million. Previous round investors include Victory Courage, BGIN, Tools Factory, and individual investor Fan Chao.In recent years, YZi Labs has been continuously investing in stablecoins, RWA, payment, and institutional-level digital asset infrastructure. Leveraging FinTax's expertise in on-chain data processing, crypto accounting, cross-jurisdictional tax practices, and crypto asset financial auditing, both parties will explore long-term ecological collaboration around institutional-level financial and tax infrastructure, compliance standards, and emerging scenarios such as stablecoins, RWA, and payments.Following this round of financing, FinTax will accelerate the scaling of its five product lines, expanding its business from the Asia-Pacific and North American markets to Europe and the Middle East, and deepening the application of AI in complex financial and tax scenarios. FinTax will continue to promote the dual iteration of blockchain and legal systems across dozens of jurisdictions, enabling on-chain economic activities to connect with the real-world financial and tax systems.

Chainalysis' latest report shows that the potential taxable on-chain cryptocurrency activity globally will reach at least $457 billion by 2025, while the OECD's Crypto Asset Reporting Framework (CARF) covers only about 14% of the on-chain taxable activities. The report estimates that the United States contributes approximately $112.6 billion, with North America leading at $134.6 billion, followed closely by the European Union at $125.1 billion.This estimate includes income generated from realized gains, mining, staking, and lending, as well as payments denominated in crypto assets, but does not include trading activities within centralized exchanges. The CARF will start data collection on January 1, 2026, across 48 jurisdictions, including the UK and EU, requiring eligible crypto platforms to collect customer and tax resident information and report transaction data to domestic tax authorities for cross-border sharing.The report points out that the CARF's design, centered around crypto intermediaries, is the main reason for the coverage gap. Colby Mangels, a former OECD advisor involved in the development of the CARF, stated that the framework is designed around intermediaries that conduct crypto transactions as their business, which leaves a significant amount of decentralized finance activities outside the reporting scope due to the lack of centralized operators or custodial relationships. Mangels noted that tax authorities are focusing on the progress of anti-money laundering regulations, including when DeFi platforms or their operators should be considered regulated crypto service providers.

Data shows that the global potential taxable cryptocurrency activity reaches $457 billion, of which the CARF framework can only cover about 14% of the capital flow.

The digital asset advocacy organizations Crypto Council for Innovation (CCI) and Blockchain Association (BA) have filed a lawsuit against Illinois officials, opposing the state's 0.2% cryptocurrency tax. This tax is expected to take effect from January 2027, taxing based on transaction volume rather than income.The two organizations submitted the lawsuit in the Sangamon County Seventh Judicial Circuit Court, claiming that the tax violates the U.S. Constitution, the Illinois Constitution, federal and state due process laws, and the Internet Tax Freedom Act, and may result in double taxation. The lawsuit also states that the tax regulations are overly vague, placing compliance responsibilities on residents and brokers, and exposing them to civil and criminal penalties.Blockchain Association CEO Summer Mersinger stated that Illinois cannot implement a tax system that discriminates against digital businesses and increases uncertainty for consumers and enterprises. The Digital Chamber filed a similar lawsuit in July regarding the same tax, claiming it discriminates against digital asset traders.

The UK’s HM Revenue and Customs (HMRC) has sent out 81,000 warning letters to cryptocurrency investors suspected of unpaid taxes over the past 12 months, an increase of 25% from approximately 65,000 letters in the previous year. These letters aim to prompt recipients to disclose unpaid taxes, after which HMRC will initiate a formal investigation.Cryptocurrency exchanges, using tokens to purchase goods or services, and gifting tokens to others may all constitute taxable disposals. Income generated from activities such as lending and staking may be subject to income tax rules, and UK residents are generally required to pay tax on relevant income and gains worldwide.Rules set to be implemented in April 2027 will apply a no gain, no loss treatment to eligible crypto lending and automated market-making arrangements until an economic disposal occurs, expected to affect around 700,000 individuals. The crypto asset reporting framework requires service providers to submit transaction data for 2026, covering the reporting period from January 1, 2027, to May 31, 2027. It is anticipated that 52 jurisdictions will exchange relevant data in 2027, with an additional 15 jurisdictions joining in 2028.

According to Fox News, U.S. President Trump earlier stated that any governor or local government official should welcome the construction of artificial intelligence (AI) data centers. Trump said, "This will create a large number of jobs in the construction industry. We are building the largest factories in the world. I can say that if I were a mayor of a city or a governor of a state, and I had the opportunity to bring a large AI factory or data center to my area, I would absolutely want it to happen because it can create a large number of jobs, and the funding and tax revenue it brings are very considerable." Trump also stated that, given that most Americans oppose the construction of data centers in their communities, the AI industry needs to gain "a little help in public relations."

According to CoinDesk, the Crypto Innovation Council (CCI) and the Blockchain Association recently filed a civil lawsuit in Sangamon County, Illinois, officially joining the legal challenge against the state's digital asset tax policy. This move follows a lawsuit initiated by the Digital Chamber last month, marking a further escalation of the industry's coalition against the measures.The plaintiffs accuse the state’s new tax law of violating the U.S. Constitution, the Illinois Constitution, and the Internet Tax Freedom Act. The controversy stems from the tax law's stipulation that any entity conducting business or providing services to residents in the state with an annual income exceeding $100,000 must pay a 0.2% tax on digital asset transactions or storage. Although lawmakers expect this measure to raise $6 million annually for the state budget, the plaintiffs argue that the lack of corresponding taxes on traditional assets constitutes a 'unique punitive treatment' of digital assets, allegedly resulting in unfair resource allocation through the tax code.

According to Protos, the UK's HM Revenue and Customs (HMRC) sent over 81,000 warning letters to suspected tax-evading cryptocurrency holders in the 2025/2026 fiscal year, nearly tripling from 27,714 letters in 2024. HMRC believes that most unpaid taxes stem from capital gains during the bull market from 2022 to 2025.The letters remind users that selling, gifting, exchanging, or using cryptocurrency for consumption may trigger capital gains tax obligations, and violators could face penalties of up to 100% of the tax owed plus interest, with harsher penalties for offshore transfers. Additionally, HMRC expects to gain new powers next year to compel foreign cryptocurrency platforms to disclose user information, anticipating an additional £315 million in tax revenue by 2030.

According to Digital Asset, the South Korean government stated that digital assets held by residents through personal wallets or overseas exchanges, as long as they generate income from transfers or lending, are generally subject to taxation.The digital asset tax will be implemented starting January 1, 2027, taxed as other income, with a deduction of 2.5 million won and a tax rate of 20%, including local taxes up to a maximum of 22%.

H100 released its second-quarter report for 2026, reporting a pre-tax loss of 98.2 million Swedish Krona, approximately 9.82 million USD, most of which was due to non-cash items, primarily from Bitcoin impairment.The company stated that the actual cash consumption for business in the second quarter was 5.1 million Swedish Krona, approximately 510,000 USD; for the first half of the year, it was 12.7 million Swedish Krona, approximately 1.27 million USD. As of the end of June, the company held cash of 18.1 million Swedish Krona, approximately 1.81 million USD.

The French Minister of Finance confirmed that hackers breached the French Public Finance Directorate system at the end of June and stole personal and corporate taxpayer data. According to the platform FrenchBreaches, which tracks cyberattacks in France, this incident affected approximately 678,437 people, equivalent to about 1% of the French population, but the exact number is still under investigation and has not been finally confirmed.The leaked data reportedly includes sensitive information such as names, birth dates, home addresses, phone numbers, email addresses, tax identification information, and income data. Among them, nearly 27,000 individuals had tax incomes of at least 100,000 euros, 386 exceeded 1 million euros, and another 8 exceeded 10 million euros. Reports indicate that the database has been sold on the dark web market for thousands of euros. The attackers, calling themselves ZeroBytes, claimed they extracted the relevant records using an internal search tool, which was only discovered later when access was cut off.This incident has raised concerns in the cryptocurrency industry, as there has been a noticeable increase in "wrench attack" violent robbery incidents targeting cryptocurrency holders in France in recent years. If high-income individuals' addresses and contact information are leaked, it could provide criminals with a more precise target list.

According to Bloomberg, Kraken operator Payward disclosed that due to a slowdown in industry trading activity, the company's adjusted pre-tax profit for the second quarter of 2026 was $23 million, a 71% decrease from $79.7 million in the same period last year; during the same period, adjusted revenue increased by 17% year-on-year to $508 million.Payward stated that although revenue continues to grow, the overall trading volume in the cryptocurrency market is weak, putting pressure on profitability. Kraken has been continuously expanding its institutional business, derivatives trading, and on-chain services in recent years, but changes in the industry cycle still exert pressure on its core trading business.

According to Digital Asset, Park Soo-young, a member of the Korean National Power Party, criticized the government's plan to tax virtual asset gains, stating that it is "a threat of a tax bomb if one does not invest in the domestic stock market," and demanded an immediate withdrawal.Member Park Soo-young stated on her YouTube channel: "I hope this punitive tax plan that puts 13 million digital asset users in danger can be withdrawn immediately." She added, "This does not mean that people will invest in domestic stocks; on the contrary, it will only accelerate the outflow of national wealth." She cited that approximately 124 trillion won flowed into overseas digital asset exchanges from January to September last year.

According to Bloomberg, the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), has launched the issuance of U.S. investment-grade bonds, just two weeks after the company announced its acquisition of the bond electronic trading platform MarketAxess for approximately $6 billion.Insiders revealed that ICE's bond issuance plan is divided into up to five parts, with maturities ranging from 3 to 10 years. The preliminary pricing guidance for the longest maturity bonds is about 1.15 percentage points above U.S. Treasury yields. ICE previously announced that it would acquire MarketAxess Holdings for approximately $6 billion to further expand its presence in the fixed income trading market. MarketAxess is one of the world's leading electronic bond trading platforms, primarily serving institutional investors and providing trading services for fixed income products such as corporate bonds and government bonds.This acquisition is seen as an important move by ICE to strengthen the infrastructure of the bond market. ICE currently owns the New York Stock Exchange (NYSE), futures exchanges, clearinghouses, and data services, while MarketAxess's electronic bond trading network will help ICE further expand its ecosystem for trading fixed income assets.Market participants indicate that as bond trading gradually becomes electronic, traditional exchange operators are competing for institutional investment market share by acquiring trading platforms and data companies. This financing also reflects the trend of large financial infrastructure companies supporting strategic mergers and acquisitions through the debt market.