The UK and several other countries implemented the Crypto Asset Reporting Framework on January 1, which will allow for cross-border sharing of crypto ...
TL;DR
The UK and over 40 countries have implemented the OECD's Crypto Asset Reporting Framework (CARF) from January 1, requiring crypto exchanges to report user transaction data to tax authorities. This enables cross-border sharing of crypto information, with the UK set to exchange data with EU and other countries starting in 2027.
[UK and More Countries Implement Crypto Asset Reporting Framework from January 1st, Enabling Cross-Border Sharing of Crypto Transaction Data] According to a report by the Financial Times on January 1st, the UK and over 40 other countries implemented new tax regulations for crypto assets starting January 1st. Under the Crypto Asset Reporting Framework (CARF) developed by the Organization for Economic Cooperation and Development (OECD), major crypto exchage to collect complete transaction records for UK users and report user transaction information and tax residency status to HMRC (Her Majesty's Revenue and Customs). The UK is one of the first 48 countries to implement this framework. According to the arrangement, from 2027, HMRC will automatically share relevant data with EU member states and participating countries such as Brazil, the Cayman Islands, and South Africa. A total of 75 countries have committed to implementing CARF, with the US planning to implement it in 2028 and begin information exchange in 2029.