Overview
- As of January 1, crypto service providers must collect users’ identity, tax residency and comprehensive transaction records under the OECD’s Crypto‑Asset Reporting Framework.
- UK platforms will report 2026 data to HMRC by May 31, 2027, ahead of international data sharing that starts later in 2027 for early adopters.
- UK enforcement steps up with a new Self Assessment section for 2024–25 crypto gains due by January 31, 2026, plus penalties up to £300 for incorrect or missing details and up to 100% of unpaid tax plus interest.
- Coverage spans centralized exchanges, brokers, custodial wallets, crypto ATMs and certain decentralized platforms that meet control criteria, driving significant compliance upgrades.
- Roughly 75 countries have committed to CARF, with hubs such as Singapore, Switzerland and the UAE set to begin collection in 2027 for exchange in 2028, and the United States targeting 2028–2029.