About 17,600 people in the United Kingdom reported a combined $1.9 billion in gains tied to cryptocurrency during the 2024 to 2025 tax year, with 240 individuals each declaring more than $1.4 million, according to newly released government data.

The UK's tax reporting agency, HM Revenue and Customs (HMRC), said on Thursday that 240 people claimed more than 1 million British pounds ($1.4 million) in capital gains from digital assets in the previous tax year. Together, those 240 individuals reported roughly $975 million in capital gains tied to cryptocurrency in the 2024 to 2025 tax year.

The figures also showed that 17,600 individuals reported digital asset gains over the same period, amounting to $1.9 billion in total, alongside $18.7 billion in "disposal" proceeds from selling or trading assets. In the UK, cryptocurrency disposals — including selling, trading one asset for another, or using crypto for purchases — are subject to capital gains tax, with HMRC treating cryptoassets as taxable property rather than currency.

"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," said James Murray, Financial Secretary to the UK Treasury and Paymaster General.

The disclosure comes amid broader international efforts to improve crypto tax transparency. Under the Organization for Economic Co-operation and Development's (OECD's) Crypto-Asset Reporting Framework, onchain crypto activity expected to be taxable totaled $457 billion globally in 2025. The UK will require crypto asset service providers to report data on crypto gains and losses under the framework — information that might not have otherwise been declared by taxpayers. The framework, agreed by more than 45 jurisdictions, is modeled on existing international systems for sharing bank account information and is intended to close the reporting gap between traditional finance and crypto activity.

The data release followed reports that HMRC sent more than 81,000 letters to individuals suspected of underpaying taxes, as part of enforcement efforts targeting crypto investors. Such "nudge" letters are a longstanding HMRC compliance tool that urges recipients to review and correct their tax filings; future data flows under the OECD framework are expected to give the agency fuller visibility into crypto holdings and transactions.