UK tax agency reports 240 crypto millionaires in 2025

HM Revenue and Customs reported that 240 people each declared more than £1 million ($1.4 million) in crypto-related capital gains during the 2024 to 2025 tax year. The 240 people reported about $975 million in combined capital gains. About 17,600 people reported digital asset gains totaling $1.9 billion during the same period. The data included $18.7 billion in disposals from selling or trading assets. James Murray, the UK Treasury's Financial Secretary and Paymaster General, said cryptoasset gains are taxable like other gains. He said the government wants people with crypto gains to understand their tax obligations. Under the OECD's Crypto-Asset Reporting Framework, onchain crypto activity expected to be taxable totaled $457 billion globally in 2025. The UK will require crypto asset service providers to report data on crypto gains and losses under the framework. The data could cover gains and losses that taxpayers might not otherwise have declared. The UK tax agency reportedly sent more than 81,000 letters to people suspected of underpaying taxes as part of efforts targeting crypto investors.