UK widens crypto reporting rules to cover domestic transactions
The UK will mandate domestic crypto platforms report all UK-resident user transactions starting in 2026 under an expanded Cryptoasset Reporting Framework (CARF).Summary
The United Kingdom is expanding the scope of the OECD's Cryptoasset Reporting Framework (CARF) to require domestic crypto platforms to report all transactions made by UK-resident users starting in 2026. This move will grant His Majesty’s Revenue and Customs (HMRC) automatic access to domestic crypto data for the first time, supplementing the existing cross-border data exchange planned for 2027. The government aims to prevent crypto from becoming an asset class that avoids the visibility applied to traditional finance under the Common Reporting Standard (CRS). Additionally, the UK proposed a "no gain, no loss" tax framework to defer capital gains liabilities for DeFi users until they sell tokens. Globally, tax oversight is increasing, with South Korea seizing assets for evasion, Spain proposing higher crypto tax rates, and Switzerland delaying its CARF rollout until 2027.
(Source：Cointelegraph)