The UK government is intensifying regulatory oversight of the crypto sector, focusing initially on tax compliance. New guidelines, based on the OECD’s Crypto-Asset Reporting Framework (CARF), mandate UK crypto firms to collect comprehensive user data, including transaction details. This move aims to enhance tax transparency and accountability within the burgeoning crypto market.
By adopting CARF, the UK is proactively aligning with international standards for crypto regulation. While comprehensive regulations for the crypto sector are planned for 2026, these immediate measures demonstrate the government’s commitment to establishing a robust framework. The collection of detailed user information under CARF signifies a significant step towards integrating crypto assets into the existing financial system and ensuring tax obligations are met.
