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Does Gemini Report to HMRC?

GeminiUnited Kingdom
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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Gemini’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your Gemini taxes in minutes.

Does Gemini report to HM Revenue & Customs (HMRC)?

HMRC has requested UK taxpayer information from the largest exchanges operating within the country. While it has not been confirmed whether Gemini has complied with requests of HMRC, other prominent exchanges such as Coinbase have stated that they cooperated by turning over transaction details for users who received more than £5,000 worth of crypto on its platform.

What does HMRC do with the information that Gemini provides?

HMRC has used data matching to crack down on crypto tax fraud. By using information provided by exchanges like Gemini, HMRC is able to track crypto transactions and identify individuals who have not met their tax obligations.

Do I have to pay taxes on my Gemini transactions?

Yes. In the UK, your transactions on Gemini or other platforms are subject to capital gains tax and ordinary income tax. 

If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to HMRC. 

For more information, check out our complete UK guide to cryptocurrency taxes

Is Gemini legal in the UK?

Gemini is an Electronic Money Institution authorized by the Financial Conduct Authority in the United Kingdom under the Electronic Money Regulations 2011. Th exchange legally operates in the UK.

How do I avoid Gemini taxes in the UK?

Remember, there is no way to legally evade your taxes in the UK. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally. 

For more information, check out our guide on how to avoid crypto tax in the UK

Get a Gemini tax report today

Looking for a simple way to report your Gemini taxes? With CoinLedger, you can import your Gemini transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with Gemini and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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