The post UK to Enforce Crypto Data Collection Under OECD Framework Starting in 2026 appeared on BitcoinEthereumNews.com.

Regulations The UK government is taking a major step in tightening cryptocurrency regulations. Starting in 2026, all crypto service providers in the UK must collect and report user data under the OECD’s Crypto-Asset Reporting Framework (CARF). This global initiative aims to increase tax transparency and combat evasion in the cryptocurrency space. By aligning with over 40 countries, including EU member states, the UK is set to reshape how crypto platforms handle user data. What Is CARF and Why Is the UK Adopting It? Developed by the Organisation for Economic Co-operation and Development (OECD), the Crypto-Asset Reporting Framework (CARF) addresses tax evasion issues in the digital asset world. The UK’s decision to adopt CARF aims to: Enhance transparency in cryptocurrency transactions Align with global tax standards Prevent offshore tax avoidance using digital assets By adopting CARF, the UK is joining a growing list of nations committed to securing better reporting practices for crypto transactions. Important Dates to Remember 2026: UK-based and foreign crypto service providers (CASPs) must begin collecting user identity and transaction data. May 31, 2027: The first deadline for annual reporting. Even if you are not based in the UK, any crypto service provider serving UK users must comply. Which Users Are Affected? The new regulations apply to all UK tax residents and users from countries that are also implementing CARF rules (expected to include over 40 jurisdictions) CASPs will need to collect data from all users, but the reporting requirements are focused on those residing in CARF-compliant countries. Additionally, the EU’s DAC8 regulations will complement CARF, imposing similar transparency measures on crypto firms targeting European users. What Data Must Be Collected? Crypto firms will be required to gather the following data for reporting user identity details and transaction data, including volumes, timestamps, and counterparties. These requirements apply to crypto…

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Filed under: News - @ May 17, 2025 12:20 pm