According to CoinMeta, the UK Tax and Customs Administration (HMRC) sent 81,172 tax warning letters, emails, and text messages to crypto investors in the 2025/26 fiscal year, which is an increase of about 25% from 64,982 warnings in the 2024/25 fiscal year. HMRC suspects that some of the unreported tax liabilities stem from gains accumulated during the period from the end of 2022 to 2025 due to rising crypto prices. The amount of unpaid taxes identified in this warning campaign has not yet been disclosed. These warning letters, commonly referred to as "reminders," do not necessarily mean that the recipients owe taxes or are facing formal investigations. Warnings are sent when information indicates that taxpayers may have overlooked income or capital gains. UK taxpayers may be required to pay capital gains tax when converting cryptocurrencies into fiat currency, exchanging tokens, purchasing goods with cryptocurrencies, or giving away tokens. Official guidance from HMRC also requires investors to keep records for each token pool.