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Does Kraken Report to HMRC?

KrakenUnited 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 Kraken’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your Kraken taxes in minutes.

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

Yes. HMRC has requested UK taxpayer information from the largest exchanges operating within the country. Kraken has provided contact details for UK users who have greater than £5,000 of crypto on its platform.

What does HMRC do with the information that Kraken provides?

HMRC has used data matching to crack down on crypto tax fraud. By using information provided by exchanges like Kraken, 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 Kraken transactions?

Yes. In the UK, your transactions on Kraken 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 Kraken legal in the UK?

Yes. In the United Kingdom, Kraken is regulated by the Financial Conduct Authority (FCA) and holds the status of a crypto asset firm and an authorized futures trading venue.

How do I avoid Kraken 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 Kraken tax report today

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

CoinLedger integrates with Kraken 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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