The UK Chancellor's autumn statement did not increase crypto taxes, but regulation is tightening

According to The Block, UK Chancellor of the Exchequer Rachel Reeves did not propose any new tax increases on cryptocurrencies in the latest autumn statement, maintaining the same tax treatment for crypto assets as for other asset classes.

However, the government is pushing for stricter reporting and regulatory measures, including the upcoming Crypto-Asset Reporting Framework (CARF) global tax transparency system set to be implemented in 2026. Industry professionals welcome the entrepreneurial support measures but warn that the overall tax and regulatory environment in the UK could undermine its global competitiveness in the fintech and digital asset sectors. Experts are concerned that a lack of sufficient incentives may lead high-growth fintech, AI, and Web3 companies to choose to develop in other jurisdictions, further exacerbating the talent drain recently observed in the UK.