UK tax authority warns 65,000 crypto investors over unreported gains

The UK's His Majesty's Revenue and Customs (HMRC) sent approximately 65,000 warning letters to cryptocurrency investors for failing to report investment gains in the fiscal year ending in April, the Financial Times reported. HMRC has recently intensified its monitoring of crypto investors, targeting taxpayers suspected of underreporting or evading taxes on their digital asset income. The number of letters sent has doubled compared to the previous fiscal year. Meanwhile, the UK's Financial Conduct Authority (FCA) estimates that approximately seven million adults in the country currently hold cryptocurrency.