Q1. Following the UK Autumn Budget, what do you see as the key takeaway for retail crypto users from a tax or regulatory perspective, and how might this boost adoption?
The Autumn Budget shows the UK is still dealing with slow growth, high taxes and rising living costs, with further increases on dividends, savings and property income now confirmed. But even with that pressure, and with no new taxes or rules targeting digital assets, we’re still seeing retail customers add to their crypto holdings. In the weeks leading up to the Budget, GBP deposits on CoinJar were 16% higher than withdrawals, which suggests people are taking a longer-term view on their digital asset investments, rather than pulling back.
The Government is also giving HMRC more tools to tighten tax compliance. This push toward clearer tax reporting standards should provide greater clarity for everyday crypto customers, and this makes using compliant platforms even more important. In a climate where taxes on traditional investments are increasing, many retail investors are looking for different ways to balance risk and opportunity. The behaviour we’re seeing on CoinJar reflects that shift in confidence in digital assets, even during a period of wider economic uncertainty.
Q2. Many in the industry are watching how the Budget treats crypto tax and reporting obligations. From an exchange’s perspective, what specific changes to tax/reporting rules would make compliance less complex for firms and clearer for retail users?
The Budget has reaffirmed the move toward domestic reporting under the Cryptoasset Reporting Framework, and HMRC has already provided the reporting templates that Cryptoasset Service Providers will need to use. That means expectations on the exchange side are clear. The area that would benefit from more simplicity is the customer side, particularly around how individuals calculate gains and losses across different transactions. A clearer, more streamlined approach would make reporting much easier for retail investors. A steady approach to phasing in new requirements also matters, so firms can build the right systems without having to revisit years of historic data.
If HMRC continues to refine the rules in that way, it makes compliance more predictable for the digital asset sector and gives retail users a clearer path to staying on top of their reporting. That combination tends to support healthier participation in the market.
Q3. Would clearer tax treatment in the Budget accelerate institutional custody and market-making activity in the UK? If so, how quickly might you expect to see that change filter through?
Clearer tax treatment can help, but it’s only one factor institutions weigh. Large custody and market-making desks pay close attention to how crypto activity is classified for tax, but they also consider regulatory permissions, capital treatment and internal risk controls. When those areas are aligned, it becomes easier for institutions to get approval to build or expand in a market.
Institutional interest tends to increase when regulatory processes feel predictable. We’re seeing more consistency in how the UK approaches authorisation, supervision and cryptoasset oversight, and that makes it easier for firms to plan ahead.
Any shift in institutional activity takes time. Large desks have lengthy internal processes around governance, product design and infrastructure, so the effects of clearer rules tend to surface over several years rather than straight away.
Q4. The UK wants to be competitive in crypto innovation. Where is the UK getting it right (e.g., stablecoins, tokenization) and where is it falling short compared with the EU, US and APAC?
The UK has taken meaningful steps in the right direction. The stablecoin framework, the Digital Securities Sandbox and the move toward a comprehensive FSMA-based regime reflect thoughtful policymaking and genuine engagement with industry. These are important building blocks.
Different jurisdictions are moving at different speeds. MiCAR gives firms a clear framework to plan around and passportability across the EU. The UK is making progress but a few key components are still being finalised, so some firms are waiting for those details to solidify before making longer-term decisions about licensing or new products.
But overall, the direction is positive. The next step is ensuring these frameworks come together for the UK to remain a competitive home for crypto innovation.
Q5. Regulated CEXs face a trade-off between speed of product rollout and depth of compliance. How has CoinJar navigated that trade-off in the UK and EU, and what guiding principles do you use when deciding whether to delay a product for stronger compliance?
CoinJar has always been built around a compliance-first philosophy across every market we operate in: Australia, the US, the UK and Ireland.
Rather than asking how quickly we can launch a product, we ask whether that product can meet regulatory expectations across all jurisdictions, and if we can support it responsibly over time. If that isn’t clear, we pause and close the gaps before going live.
This is a key reason we’ve been able to operate successfully for more than a decade with consistently strong compliance standards.
Q6. MiCAR introduceda pan-EU framework but authorisations and practical implementation have been uneven. How do you assess the current pace of MiCAR authorisations and the biggest operational bottlenecks for exchanges?
MiCAR is ambitious. It creates a single passportable Crypto Asset Service Provider (CASP) licence for the entire EU, but implementation is necessarily uneven.
Member states are required to align their CASP frameworks with the EU standards. That means firms are working with slightly different timelines as each country regulator completes its own transition to the new regime.
From an exchange’s perspective, the main bottlenecks are:
- Regulatory capacity: National Competent Authorities (NCAs) are suddenly dealing with complex, multi-service CASP applications. Many simply don’t have enough specialised staff yet.
- AML and governance uplift: MiCAR effectively requires exchanges to operate more like investment firms in terms of governance, risk and compliance. That’s a multi-year change for some players.
- Whitepaper and disclosure requirements: Issuers and platforms have to meet quite detailed information standards, which is good for investors but load-bearing for smaller teams.
Our view is that the pace is appropriate for ambition. We’d rather see a deliberate 12–24 month ramp-up with high-quality authorisations than a rush that creates weak spots.
Q7. CoinJar chose Ireland as its EU base and invested early. What were the strategic
drivers behind that choice, and what operational or regulatory advantages has Ireland offered that faster, looser jurisdictions did not?
We chose Ireland because it gives us a solid regulatory home in the EU. The Central Bank of Ireland has an exceptional reputation for setting clear expectations, and that clarity allows us to build to a high standard from day one.
It’s also a market where we’re comfortable investing. We’re putting meaningful capital and local hiring behind our EU operations because we want to grow in a way that aligns with how MiCAR is developing. For CoinJar, the decision wasn’t about finding the fastest or easiest entry point. It was about choosing a jurisdiction we could build from over the long term.
We’ve scaled a local presence under the VASP regime with an operational staff, executive team and a board with industry and regulatory experience in financial services to ensure adequate resources for a CASP under MiCAR.
Q8. How do you see MiCAR reshaping EU market structure and competition between local regulated players and global exchanges over the next 12–24 months?
MiCAR is going to reshape the EU market quite meaningfully. As the new licensing regime beds in, I expect we’ll see the market tighten around a smaller number of well-capitalised, fully authorised exchanges. That’s a natural outcome when the bar for governance, AML and disclosures rises because firms that aren’t able to meet those standards will gradually fall away.
At the same time, MiCAR removes a lot of the advantages that offshore players previously had when serving EU clients. That creates more room for EU-based and EU-regulated firms to compete on equal footing, particularly those willing to invest in compliance and local operations.
We’ll also see clearer distinctions between different types of assets. Tokenised securities, stablecoins and utility tokens will each fall under their own rules, which will push exchanges to think more carefully about where they specialise and how they structure their platforms.
For CoinJar, MiCAR is an opportunity. With Ireland as our base, we’re positioning ourselves to serve a more mature market – one that increasingly values regulated infrastructure and institutional-grade standards. That’s a space we want to operate in.
Q9. Across jurisdictions (UK, EU, US, APAC), there’s growing regulatory divergence. From CoinJar’s global perspective, which divergence worries you most and which creates the biggest business opportunity?
We’re noticing more distinct approaches across jurisdictions, particularly in how they address stablecoins, custody and governance. That’s not unexpected; each market is responding to its own financial system, risk priorities and policy timelines. For a global exchange, it simply means we need to design our systems so they can accommodate different rules as they develop.
Where divergence can become challenging is when definitions or implementation timelines move out of sync. It adds complexity for firms operating across multiple regions, and for customers who hold assets in more than one market. But it’s also a natural part of a sector that’s maturing at different speeds around the world.
There’s a constructive side to this as well. Competition between regulators is driving thoughtful frameworks in the EU, UK and key APAC markets, each taking slightly different paths to balance innovation with safeguards. For companies that take a long-term, compliance-focused approach, which is how we operate, that environment actually creates opportunity. It rewards firms that build to resilient, adaptable standards rather than aiming for the lightest regime.
Our strategy is to build to a high, consistent internal standard so we can operate reliably across jurisdictions as the global framework continues to evolve.
Q10. UK deposits are reportedly outpacing withdrawals 2:1. What does that signal about UK investor sentiment and product demand (e.g., spot, stablecoins, staking, tokenized assets)?
Our recent UK data shows deposits running at roughly 2:1 against withdrawals, and that’s been consistent over several months. It’s a useful signal that customers are generally adding to their positions rather than pulling back, more so as the wider macro-economic environment shifts.
What stands out is where those flows are going. They’re concentrated in the more established assets and in mainstream stablecoins, and we’ve continued to see steady uptake of recurring buy features. That’s less reflective of short-term speculation and more of a long-term, portfolio-style approach.
Overall, it suggests that UK retail investors are treating digital assets as part of their broader financial planning.
Q11. Your internal UK/EU user profile suggests the median crypto investor is ~40, full-time employed and risk-balanced. How should exchanges and policymakers use that demographic insight when designing consumer protections and product education?
Looking at our data across the UK and EU, most of our customers are roughly in their forties, working full-time and taking a fairly steady approach to digital assets. It tells us we’re dealing with people who already have established financial habits, and are adding crypto steadingly to their portfolios.
Their behaviour reflects that. They tend to focus on the more established assets like Bitcoin and Ethereum, and build positions gradually rather than trying to jump in and out of the market. It feels much closer to long-term investing than the stereotype of high-risk trading.
It tells us to keep our products straightforward. Most retail customers just want an experience that feels easy to navigate and access. On the policy side, it highlights how useful clear communication and stable frameworks can be for everyday investor
Understanding who is actually using crypto helps shape rules and products that support them, rather than designing around outdated assumptions.
Q12. On recent volatility, you reported that 89% of net buying came from new customers. What lessons does that teach exchanges about onboarding, KYC friction, and post-onboarding retention?
Our data shows that ~89 per cent of net buying during recent volatile periods came from new customers, which tells us something important about how people enter the market. Many first-time users make their initial decisions during fast-moving market conditions.
New customers often arrive with strong intent but limited familiarity, so they move quickly to fund and trade. If the process feels confusing or heavy, they’re likely to drop off, but if it’s too loose, it increases the risk of issues around fraud and AML. Finding that balance is essential.
It also highlights the need for early guidance. People who join during periods of volatility benefit from clear explanations, sensible defaults and tools that help them take a steady approach rather than reacting to every swing. That early support often shapes whether they stay engaged or disappear after their first trade.
For us, the lesson is to treat onboarding and the days that follow as part of the same experience. Helping new customers feel informed and comfortable from the start leads to better long-term outcomes for them and builds a healthier market overall.
Q13. Stablecoins denominated in GBP, EUR and USD are increasingly used by retail investors. How are customers actually using them on CoinJar, as trading rails, savings, payroll, or something else, and what role should regulated CEXs play in safeguarding stablecoin use?
Stablecoins are now a more regular part of how people engage with digital assets, offering a more consistent point of reference when markets are moving quickly. We also see them used during transfers between currencies or exchanges, and there’s growing interest in practical payment use cases, especially for cross-border transactions.
Because of that, we take a careful approach to making stablecoins available. People want confidence in what they are using, so we look at how each token is structured and the information the issuer provides. That includes reviewing public disclosures and considering whether the issuer meets the expectations of the jurisdictions we operate in. As the UK and the EU finalise their frameworks for fiat-linked stablecoins, this criteria will become more defined.
As these rules settle, our focus is on keeping the experience simple and accessible for customers while ensuring the platform remains aligned with the new requirements as regulations evolve. We want to be prepared for that rather than adjusting reactively.
Q14. Tokenization is often presented as an institutional story. What practical, retail-facing tokenization use cases are you seeing emerge today (e.g., fractional real estate, funds, collectibles), and what’s needed for wider retail adoption on regulated CEXs?
Most tokenisation activity is still happening on the institutional-side, but a few areas are starting to come into view for retail. Tokenised versions of traditional instruments, such as cash-equivalent exposures, are beginning to attract more attention because the structure is familiar and settlement can be faster. There’s also experimentation with fractional access, which can make smaller allocations more practical.
For regulated exchanges, the key considerations are clarity and classification. We need to know whether a tokenised asset is treated as a security or a MiCAR-style cryptoasset, and the tax position has to be simple enough for customers to understand.
As the UK and EU frameworks develop, the routes for integrating these products will become clearer. Our approach is to move in step with that structure so tokenised assets can be introduced safely and in a way that genuinely adds value for customers.
Q15. Looking ahead to 2026, what are three policy or market developments (anywhere globally) that would materially change CoinJar’s product roadmap or go-to-market strategy?
A few policy and market shifts could influence our priorities over the next couple of years. The final shape of the UK’s crypto regime, the full implementation of MiCAR in the EU and the continued evolution of global tax and reporting standards will all matter. These changes influence how we plan and where we invest. We’ll continue to follow the direction of regulators and update the CoinJar platform as the rules become more defined.
Asher Tan, CEO & Co-founder, CoinJar
Asher Tan is the Co-Founder and CEO of CoinJar, one of the world’s longest-running cryptocurrency exchanges. With a background in economics and finance, he has overseen the development of accessible, user-focused financial products that simplify how people buy, sell and manage digital assets. Since launching in 2013, CoinJar has served more than 800,000 customers and processed billions of dollars in transactions across a curated selection of more than 60 cryptocurrencies.
Under Asher’s leadership, CoinJar has established a strong reputation for regulatory integrity and security. The company is registered and compliant with AUSTRAC in Australia the Central Bank of Ireland as a Virtual Asset Service Provider, and is regulated at both a federal and state level in the United States. In the UK, CoinJar is registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767)
Recognised for his commitment to responsible innovation, Asher is focused on delivering simple, compliant and reliable digital-asset products that help people incorporate cryptocurrencies into their everyday financial lives.
About CoinJar
Founded in 2013, CoinJar is one of the longest-running cryptocurrency exchanges globally, with more than 12 years of operation. The company has served over 800,000 customers and processed billions of dollars in transactions across a carefully curated range of 60+ cryptocurrencies.
The company is registered with AUSTRAC in Australia, holds a Virtual Asset Service Provider registration from the Central Bank of Ireland, and is regulated at both a federal and state level in the United States. In the UK, CoinJar is registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767). Its activities are supported by a mature compliance framework, strong custody architecture and strict AML and CTF processes.
Backed by leading global investors including Digital Currency Group, Boost VC and Blackbird Ventures, CoinJar is preparing to expand its presence in the United States, while CoinJar Europe continues to progress toward MiCAR authorisation. CoinJar is ranked 29th globally in CoinDesk’s 2025 Exchange Benchmark, recognising its security, compliance standards and market quality.
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