{"id":343807,"date":"2025-12-31T01:41:10","date_gmt":"2025-12-31T01:41:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/343807\/"},"modified":"2025-12-31T01:41:10","modified_gmt":"2025-12-31T01:41:10","slug":"crypto-tax-reporting-requirements-set-to-begin-in-uk-and-europe","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/343807\/","title":{"rendered":"Crypto Tax Reporting Requirements Set to Begin in UK and Europe"},"content":{"rendered":"

Cryptocurrency users and platforms in 48 jurisdictions will reportedly begin to be impacted by the Crypto-Asset Reporting Framework<\/a> (CARF) on Jan. 1, 2026.<\/p>\n

CARF requires platforms to gather more detailed customer information, verify tax residency and report users\u2019 balances and transactions each year to their domestic tax authorities, Cointelegraph reported<\/a> Tuesday (Dec. 30).<\/p>\n

Tax authorities will then share that data across borders with peers with whom they have information-exchange agreements, according to the report.<\/p>\n

The first wave of jurisdictions<\/a> participating in CARF include the United Kingdom and the European Union, per the report. CARF was created by the Organization for Economic Cooperation and Development<\/a> (OECD).<\/p>\n

Experts interviewed by Cointelegraph said crypto users affected by CARF are likely to face tougher onboarding questions, more frequent account reviews and a greater risk of audits.<\/p>\n

When releasing data exchange formats for CARF and the Global Minimum Tax (GMT) in July, the OECD said in a press release<\/a> that these initiatives are \u201cpart of ongoing efforts to enhance tax transparency and improve international tax compliance.\u201d<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

CARF was created in response to the growth of the crypto-asset market<\/a> and concerns that the technology could erode global tax transparency, according to the OECD website.<\/p>\n

The G20 ordered the OECD to develop a framework for exchanging information relevant to taxes on crypto assets in April 2021, and the OECD approved CARF in August 2022, per the site.<\/p>\n

It was reported in September 2023 that the heads of the G20 nations were calling for rapid adoption of global cryptocurrency rules<\/a> that would allow for the exchange of information between these countries.<\/p>\n

The United States is considering implementing CARF. It was reported in November that the White House had begun reviewing a Treasury Department proposal that would implement CARF, enabling the Internal Revenue Service (IRS) to obtain data on U.S. taxpayers\u2019 offshore crypto accounts<\/a>.<\/p>\n

If approved, the rule would authorize the IRS to access information on cryptocurrency accounts held by Americans through foreign exchanges or digital asset service providers, giving the agency a clear view into cross-border holdings and potential undeclared tax liabilities. Administration officials have endorsed the policy.<\/p>\n","protected":false},"excerpt":{"rendered":"Cryptocurrency users and platforms in 48 jurisdictions will reportedly begin to be impacted by the Crypto-Asset Reporting Framework…\n","protected":false},"author":2,"featured_media":343808,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[133225,15313,78007,59,57,58,50,5292,1892,56,54,55,6242],"class_list":["post-343807","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-crypto-regulation","tag-cryptocurrency","tag-digital-assets","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-pymnts-news","tag-taxes","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/343807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=343807"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/343807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/343808"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=343807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=343807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=343807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}