UK reports 240 crypto millionaires with £717M

• UK taxpayers reported £1.38 billion in taxable crypto gains during the 2024-25 tax year.
• A total of 240 people each declared more than £1 million in crypto gains.
• HMRC is expanding crypto reporting as international rules increase its access to transaction data.

The UK government reported £1.38 billion in taxable crypto gains during the 2024-25 tax year.

The figures came from the first HM Revenue and Customs report dedicated to crypto asset gains.

HMRC said, “It is the first time HMRC has published this specific data,” following changes to Self Assessment returns.

The report found 240 people each declared more than £1 million in crypto gains, totalling £717 million.

Across all 17,600 taxpayers, crypto disposal proceeds reached £13.8 billion, with average taxable gains of about £78,000.

HMRC sent 81,000 crypto tax letters during the previous 12 months, up 25% from roughly 65,000.

HMRC said new international reporting rules will give it greater visibility into crypto activity conducted through overseas providers.