HMRC has agreed more than £8.3m in tax settlements with 502 crypto investors over the past two years, as the government body steps up scrutiny under new OECD rules, according to data obtained by compliance provider Identomat.

During 2024/25, 280 investors reached settlements worth £3.54m, while 222 settlements in 2025/26 totalled £4.78m. Average settlements through disclosure climbed from £12,654 in 2024/25 to £21,552 the following year. Over the two-year period average settlements as a result of disclosure stood at £16,589.

The relatively sums suggest many of the cases involve retail investors who failed to report gains correctly rather than large-scale tax evasion.

Typically, disposals of crypto assets can trigger a capital gains tax (CGT) liability. The current annual exemption is now just £3,000 (down from £12,300 in 2023/23) with gains above that taxed at basic rate of 18% or a higher rate of 24% depending on other income.

HMRC stated in its FOI response to Identomat that settlements can “vary significantly”, while adding that voluntary disclosure was just one route by which it addresses crypto tax liabilities. Its response said: “HMRC uses a range of approaches to identify and address potential non-compliance in relation to cryptoassets, including enquiries, data analysis and targeted interventions such as nudge campaigns. The figures should therefore be considered in that wider compliance context.”

It is understood 'nudge letters' were sent to approximately 100,000 individuals during the two years covered by the FOI data.

The figures come after the government department launched its campaign encouraging investors to voluntarily disclose unpaid tax on crypto assets, and it is the first time HMRC settlement data for crypto investors has been made public via a freedom of information (FOI) request, giving a rare insight into the scale of UK crypto tax enforcement.

HMRC is stepping up scrutiny of crypto investors following the introduction of the OECD's Crypto-Asset Reporting Framework (CARF), which requires crypto platforms to collect and report detailed customer and transaction information. The framework was developed and adopted by the OECD in 2022 as a global standard for the automatic exchange of tax information relating to cryptoassets.

The UK is among more than 40 countries adopting the CARF rules. Non-compliant platforms can face fines of £300 per user record for missing or inaccurate report, which can quickly add up to millions of pounds for larger platforms.

Zurab Kotaria, chief operating officer at Identomat, said: "These settlements are part of a broader compliance crackdown by the authorities which has significant implications for both crypto investors and the platforms they use. New rules came into force on January 1, 2026, requiring exchanges to collect detailed transaction records from UK customers, including their gains.

“Overlapping anti-money laundering rules mean non-complaint platforms face additional penalties from the Financial Conduct Authority (FCA) including removal from the Cryptoasset Register, triggering a requirement to cease trading. One leading platform was fined £3.5m in 2024 for weak onboarding controls."

Kotaria added: “As part of the new rules, transaction data is now being compiled into national reports with an expectation that these will be exchanged internationally from 2027 by signatories to CARF. The emerging compliance regime presents significant operational challenges for crypto platforms, many of whom are starting with a blank sheet."

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