HM Revenue & Customs (HMRC) has recovered over £8 million from settlements with hundreds of cryptocurrency investors as part of an ongoing tax evasion crackdown. Figures show that 502 crypto investors reached disclosure settlements with HMRC over unpaid tax in the past two years.

In the 2024/25 tax year, 280 individuals settled, paying £3.5 million, while in 2025/26, 222 individuals settled, contributing around £4.8 million. These figures offer the first full-year insight into HMRC’s crypto disclosure campaign, launched in November 2023, which encouraged investors to declare unpaid tax related to various digital assets. This initiative is coupled with an increase in "nudge letters" sent to suspected tax evaders.

These settlements occur as new international reporting rules, including the OECD’s Cryptoasset Reporting Framework (Carf), make it more difficult for investors to conceal crypto gains. The UK is adopting Carf, requiring cryptoasset service providers to collect and report customer and transaction data to tax authorities from January 2026. Experts suggest these settlements represent only the "tip of the iceberg" of non-compliance, with many taxpayers still unaware that crypto gains are taxable.