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UK to apply OECD's cryptoasset reporting framework from January 2026

( October 30, 2024, 15:30 GMT | Official Statement) -- MLex Summary: The UK has committed to applying the OECD’s Cryptoasset Reporting Framework, CARF, by January 2026. The regime is intended to achieve transparency for transactions in cryptoassets and sets out the entities and transactions subject to reporting requirements as well as due diligence procedures to identify users and to determine relevant tax jurisdictions. The government said respondents to a consultation were supportive of the proposals. HMRC said it would engage with stakeholders on draft legislation and guidance to cover due diligence procedures and penalties. ...

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