The  United Kingdom Treasury released a study paper on March 15 detailing about the upcoming spring budget. The document states that an amendment has been made to the crypto asset self-assessment forms.

His Majesty's Treasury is instituting a new crypto asset category in tax return forms. It will be a step for the United Kingdom to work towards establishing its own full crypto framework. This line item is scheduled to appear on tax returns in the 2024–25 tax year.

Crypto assets are not included in the national budget's expected revenue and expenditures until 2025 and 2026. That means that in the prior tax year, 2024-25, British citizens would be required to declare them.

As of now, the Government has not released any hard estimates on budget revenues that will be brought in through this particular tax category. The amounts in the table are merely indicative (about $12 million). The reforms were met by the Chartered Institute of Taxation (CIOT), the preeminent organization for analyzing national tax laws.

Gary Ashford, the deputy president of the CIO, brought up the need for extra efforts to combat widespread ignorance of tax payment and reporting rules for crypto. As per Ashford, it is high-income crypto investors that lack a proper grasp of tax reporting.

The Financial Conduct Authority (FCA) said in a March report to the Treasury that it is “midway through a quite ambitious reset” in preparation for the Financial Services and Markets bill's passage through Parliament. If the bill is passed into law, the FCA would have the authority to regulate the cryptocurrency sector.