Government figures have revealed the number of individuals who declared more than £1 million in capital gains (CGT) from cryptoassets in the 2024 to 2025 tax year.
HMRC’s first official statistics on taxable cryptoasset gains show 240 people have reported £1 million plus in gains from their cryptoasset investments. The figures indicate £717 million of cryptoasset gains between them. Total taxable capital gains from cryptoassets for 17,600 individuals were £1.38 billion in the 2024 to 2025 tax year, with an average gain of £78,000 reported per individual.
The data also shows that around 87% of individuals reporting cryptoasset gains were male and around 13% were female.
Cryptoassets will form part of future CGT reporting following the introduction of a dedicated part of the self assessment return for cryptoasset capital gains. The introduction of a new international framework means cryptoasset service providers will be required to report customer information to tax authorities. HMRC will start receiving the data from 2027.
Legislation earlier this year brought cryptoassets under the remit of the Financial Conduct Authority. In June the financial regulator introduced new standards for firms engaging in the trading or holding of crypto assets set to come into effect from October 2027.
James Murray MP, financial secretary to the Treasury and paymaster general, explained cryptoasset transactions can trigger tax obligations and CGT may apply when an individual disposes of cryptoassets, such as selling or exchanging them for a different type of cryptoasset, while income tax and national insurance may apply to cryptoassets received through employment, self-employment, mining, staking or lending.
“Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe”, he said. “This important work is supporting the government’s efforts to close the tax gap, so that everyone pays their fair share towards our vital public services.”
John-Paul Marks, HMRC’s permanent secretary and chief executive, added: “We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets. As new international reporting rules come into force, it’s more important than ever for people to check they are paying any tax owed.”
Professional indemnity insurers and regulators have been wary of property transactions involving cryptoassets. In its Risk Agenda 2025 the Council for Licensed Conveyancers said cryptocurrencies “raise significant issues for client due diligence” and recommended enhanced due diligence in all cases. Variations in value and anonymity also present challenges for property transactions and should be considered red flags, the CLC said.
The report notes that, in practice, “it is likely to prove very challenging and time-consuming to conclude satisfactory source of wealth and source of funds checks in relation to cryptoassets” and warns firms to consider whether have the expertise and skills to conduct such work.
“CLC practices should be extremely cautious when considering cyrptocurrency for conveyancing transactions”, the regulator added.
Research conducted by client due diligence platform Thirdfort revealed only around 0.1% of buyer funds come from cryptocurrency, a figure that has held steady since 2024.
