HMRC records 240 crypto millionaires in first official tax data

HMRC recorded 240 crypto millionaires in its first official breakdown of cryptoasset gains. Each person declared more than £1 million in gains during the 2024 to 2025 tax year. The 240 people reported £717 million in gains between them. That amount represented just over half of all crypto gains declared to HMRC. A total of 17,600 people reported cryptoasset disposals liable for Capital Gains Tax during the year. Their disposal proceeds totaled £13.8 billion. Taxable profit from those disposals totaled £1.38 billion. The average gain was about £78,000 per filer. Men represented about 87% of filers. Women represented about 13% of filers. James Murray, Financial Secretary to the Treasury, said cryptoasset gains are subject to tax like other gains. Chainalysis measured UK taxable crypto activity at $19.4 billion in 2025. The United States, Germany, and China ranked higher than the UK in that measure. Chainalysis calculated $6.0 billion in gains. The firm calculated $3.3 billion in income. The firm calculated $10.1 billion in payments. Chainalysis described its estimate as conservative and as a lower boundary. The estimate covered six blockchains. It excluded activity on centralized exchanges. It also excluded activity across other blockchains, transaction types, and venues. The Cryptoasset Reporting Framework took effect in January 2026. Cryptoasset service providers must report customer information to tax authorities under CARF. HMRC will receive data from 2027 to help identify undeclared cryptoasset gains and income. Providers that fail to comply face a £300 fine for each customer. Chainalysis found that CARF covers 14% of on-chain taxable activity worldwide. Decentralized exchange trades account for part of the remaining activity. Peer-to-peer transfers account for part of the remaining activity. On-chain income and payments account for the other activity.