The UK tax authority recorded 240 people who each declared over £1 million ($1.35 million) in cryptoasset gains in the 2024 to 2025 tax year. It is the first breakdown of its kind.
HM Revenue and Customs (HMRC) released 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 just over half of all crypto gains declared to the department that year, according to the statistics.
The wider pool ran to 17,600, who made cryptoasset disposals liable for CGT that year. Their disposal proceeds totaled £13.8 billion ($18.8 billion).
Taxable profit on those disposals came to £1.38 billion ($1.88 billion), or roughly an average gain of £78,000 each. Men accounted for about 87% of filers and women about 13%.
“Taxes are due on cryptoasset gains just like any other gains,” 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 activity at $19.4 billion in 2025. Only the United States, Germany, and China ranked higher. That total splits into $6.0 billion of gains, $3.3 billion of income, and $10.1 billion of payments.
Chainalysis also called its approach conservative and its total a lower boundary. It covered six blockchains. Nonetheless, the report did not account for activity on centralized exchanges, across all blockchains, or across all transaction types or venues.
HMRC has its own fix coming. The Cryptoasset Reporting Framework (CARF) took effect in January 2026. Providers that fail to comply risk a £300 fine for each customer.
“Under CARF, cryptoasset service providers will be required to report customer information to tax authorities. HMRC will receive data from 2027, helping to identify cryptoasset gains and income that have not been declared,” the press release said.
Yet, that framework has limits too. Chainalysis found that CARF covers 14% of on-chain taxable activity worldwide. Decentralized exchange trades, peer-to-peer transfers, on-chain income, and payments make up the other 86%.
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The post UK Tax Authority Counts 240 Crypto Millionaires in First Official Tax Data appeared first on BeInCrypto.
