Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Metamask’s tax reporting policies within United Kingdom. We’ll also break down a simple way to report your Metamask taxes in minutes.
Does MetaMask report to HM Revenue & Customs (HMRC)?
HMRC has requested UK taxpayer information from the largest exchanges and wallets operating within the country. While it has not been confirmed whether MetaMask 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 MetaMask provides?
HMRC has used data matching to crack down on crypto tax fraud. By using information provided by exchanges and wallets like MetaMask, 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 MetaMask transactions?
Yes. In the UK, your transactions on Ledger 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 MetaMask legal in the UK?
Yes. MetaMask operates legally in the UK.
Get a MetaMask tax report today
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