UK and Over 40 Countries Implement OECD Crypto Asset Reporting Framework on January 1

The UK and more than 40 other countries began enforcing new tax transparency rules for digital assets on January 1 under the OECD's Crypto-Asset Reporting Framework (CARF), the Financial Times reports. Major crypto exchanges must collect full transaction histories for UK users and report trading activity and tax residency information to HM Revenue & Customs (HMRC). The UK is among the first group of 48 countries to apply CARF, and from 2027 HMRC will automatically share related data with EU member states and other participating jurisdictions including Brazil, the Cayman Islands and South Africa. In total, 75 countries have committed to adopt CARF, while the United States plans to implement the rules in 2028 and begin information exchange in 2029.