UK Don Order Say Make Crypto KYC Reporting Better By 2026 Because of Data Security Wahala After Coinbase Breach.
From January 1, 2026, UK government go say all crypto firms must to gather and report full details of personal and transaction data for every crypto user and transfer. This stronger "Know Your Customer" (KYC) rules, wey HM Revenue and Customs (HMRC) go enforce, go make crypto asset service providers—like exchanges and wallets—submit plenty info like full names, addresses, birthdays, and tax IDs for people, and legal business data for companies. Dem go dey report every year, and if dem no follow, dem fit pay fine up to £300 for each user. This new rule na to fight money laundering, tax dodging, and make market clear. E go make UK follow global standards like EU's MiCA rule and US IRS crypto reporting rules. But, people for the industry dey fear now because of the recent Coinbase KYC data breach, wey expose sensitive user info and make people doubt if firms fit protect the new data dem must collect. Critics dey warn say if dem too much follow rules, e fit make privacy risk higher, especially for small small firms, and e go need big money to build data security systems. For crypto traders, this one mean say dem go face tougher compliance for UK exchanges and wallets, so dem gats prepare for more data disclosure and stronger verification checks by 2026.
Neutral
UK government new law go make am harder for crypto companies to follow rules, dem dey try make dia rules fit global standard and stop bad bad tins dem dey do for crypto market. Even as dis go make tins clear and protect customers, di way dem go dey collect plenty data—especially after di Coinbase hacking palava—dey make pipo fear for dia privacy and how dia data go dey safe. Dis fit make small small companies get problem and some pipo fit no wan join again, but e no go direct spoil di real value or how useful crypto dey. So, even if how pipo dey trade crypto fit change because of di new rules, di general price of crypto for di market suppose remain di same for short time, and e fit even stable well well for long run if di rules clear and investors trust am.