UK Tax Authority Counts 240 Crypto Millionaires in First Official Tax Data
The UK tax authority recorded 240 individuals who every declared over £1 million ($1.35 million) in cryptoasset positive aspects in the 2024 to 2025 tax 12 months. It is the primary breakdown of its type.
HM Revenue and Customs (HMRC) launched the numbers in its yearly Capital Gains Tax (CGT) publication.
Where the Crypto Gains Were Concentrated
Those 240 crypto millionaires reported £717 million ($974 million) between them. This works out to only over half of all crypto positive aspects declared to the division that 12 months, in line with the statistics.
The wider pool ran to 17,600, who made cryptoasset disposals liable for CGT that 12 months. Their disposal proceeds totaled £13.8 billion ($18.8 billion).
Taxable revenue on these disposals got here to £1.38 billion ($1.88 billion), or roughly a mean achieve of £78,000 every. Men accounted for about 87% of filers and ladies about 13%.
“Taxes are due on cryptoasset positive aspects similar to some other positive aspects,” James Murray, Financial Secretary to the Treasury, said.
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What the Blockchain Data Adds
Blockchain analytics firm Chainalysis measured UK taxable crypto exercise at $19.4 billion in 2025. Only the United States, Germany, and China ranked greater. That complete splits into $6.0 billion of positive aspects, $3.3 billion of revenue, and $10.1 billion of funds.
Chainalysis additionally known as its approach conservative and its complete a decrease boundary. It lined six blockchains. Nonetheless, the report didn’t account for exercise on centralized exchanges, throughout all blockchains, or throughout all transaction sorts or venues.
HMRC has its personal repair coming. The Cryptoasset Reporting Framework (CARF) took impact in January 2026. Providers that fail to comply risk a £300 advantageous for every buyer.
“Under CARF, cryptoasset service suppliers can be required to report buyer info to tax authorities. HMRC will obtain information from 2027, serving to to establish cryptoasset positive aspects and revenue that haven’t been declared,” the press launch mentioned.
Yet, that framework has limits too. Chainalysis discovered that CARF covers 14% of on-chain taxable exercise worldwide. Decentralized alternate trades, peer-to-peer transfers, on-chain revenue, and funds make up the opposite 86%.
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