Global Crypto Tax Reporting Framework Takes Effect Across 48 Countries
The UK and 47 other jurisdictions have implemented the OECD's Cryptoasset Reporting Framework, marking a watershed moment for cryptocurrency oversight. Major exchanges must now collect comprehensive transaction data—including purchase prices, sale amounts, and capital gains—while simultaneously reporting user tax residency details to authorities.
HMRC will begin automatic data sharing with participating nations in 2027, with EU members, Brazil, and crypto hubs like the Cayman Islands receiving granular transaction reports. The UK goes further by requiring domestic platforms to submit user identities and trading activity directly to tax authorities starting 2026, mirroring traditional banking surveillance.
This unprecedented coordination dismantles crypto's borderless anonymity, with 75 countries committed to adopting CARF rules. Financial centers including Singapore and Switzerland will phase in enforcement by 2027, signaling a global reckoning for pseudonymous crypto transactions.
