UK Enforces OECD Cryptoasset Reporting Rules

The United Kingdom and more than 40 other countries began enforcing new cryptoasset tax reporting rules under the OECD’s Cryptoasset Reporting Framework (CARF) on January 1, according to the Financial Times as cited by Wu Blockchain. Under the rules, major crypto exchanges must collect and report UK users’ transaction data and tax residency information to HM Revenue & Customs (HMRC). The UK is among the first 48 jurisdictions to adopt CARF, and from 2027 HMRC is expected to share this data with other participating jurisdictions, as a total of 75 countries have committed to implementing the framework.