Key Takeaways
- No. Trust Wallet does not directly report to HMRC. As a decentralized wallet, it doesn’t collect identity information or issue tax forms.
- Trust Wallet activity is taxable in the UK. HMRC can track wallet addresses and transfers on public blockchains.
Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Trust Wallet’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your Trust Wallet taxes in minutes.
What is Trust Wallet?
Trust Wallet is a popular multi-chain, mobile-first wallet owned by Binance. It allows users to store thousands of cryptocurrencies and interact with decentralized apps (dApps) across different blockchains.Â
Because it’s non-custodial, Trust Wallet does not hold your funds or require Know Your Customer (KYC) verification. However, some of its partnered services (such Binance Connect) may require KYC if you choose to buy crypto directly through the app.
Even though Trust Wallet does not issue tax forms, HMRC can still trace your transactions (more on this in the next section).Â
Does Trust Wallet report to HMRC?
No. Trust Wallet does not report to HMRC or provide tax forms.Â
The UK is preparing to roll out the OECD’s Cryptoasset Reporting Framework (CARF) in 2026. Under CARF, UK-based exchanges and custodial wallet providers will be required to collect detailed customer information and share it with HMRC.
CARF will not apply directly to Trust Wallet, since it is decentralized and does not collect customer data. But it does affect Trust Wallet users: whenever you transfer crypto between Trust Wallet and a centralized exchange, those transfers can be linked to your identity.
If I use Trust Wallet, do I owe taxes in the UK?
Yes. Crypto activity on Trust Wallet and other platforms is subject to tax.
- Capital gains: Selling, swapping, or spending crypto through Trust Wallet is considered a disposal and may be subject to capital gains tax.Â
- Income: Staking rewards, mining, and airdrops are typically taxed as income based on its fair market value at the time of receipt.
Moving crypto between your own wallets (for example, from an exchange to Trust Wallet) is not taxable.
Does Trust Wallet have KYC?
Trust Wallet itself does not require personal details when you set up a wallet.
- Non-custodial by default: You can create a Trust Wallet without providing your ID.‍
- Third-party providers: If you use card or bank integrations (like Binance Connect), you may be required to complete KYC with that provider.
Is Trust Wallet legal in the UK?
Yes. Trust Wallet is legal to use in the United Kingdom. You are required to report your taxable income to stay compliant with HMRC rules.Â
How do I avoid Trust Wallet taxes in the UK?
You cannot legally evade taxes in the UK. However, you can take steps to legally reduce your liability:Â
- Tax-loss harvesting. By selling crypto at a loss, you can offset capital gains and lower your bill.‍
- Using cryptocurrency tax software. Crypto tax software like CoinLedger can automatically track your Trust Wallet transactions and identify your biggest tax-saving opportunities.
Looking for a simple way to report your Trust Wallet taxes? With CoinLedger, you can import your Trust Wallet transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Trust Wallet 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.
How CoinLedger can helpÂ
Keeping track of your crypto taxes manually can be difficult. Here’s how CoinLedger can make it easier:
- Import transactions directly from Trust Wallet and hundreds of other wallets and exchanges
- Track your capital gains and ordinary income
- Generate ready-to-file HMRC tax reports in minutes
Get started with CoinLedger, the platform trusted by 700,000+ investors.
.png)
