UK and 47 Jurisdictions Launch Crypto Reporting Framework

As of January 1, 2026, the United Kingdom and 47 other jurisdictions have launched a coordinated global initiative to collect detailed records on cryptocurrency transactions, aiming to enhance tax transparency and curb evasion. Under the Organization for Economic Cooperation and Development's Cryptoasset Reporting Framework, crypto service providers must now gather user identities, tax residencies, and comprehensive transaction data, with the first automatic exchanges between tax authorities scheduled for 2027.

The framework requires reporting cryptoasset service providers, including exchanges, custodial wallets, broker platforms, and even certain operators of decentralized systems with significant control over transactions, to track a wide range of activities. This encompasses trading, staking, swapping, mining, transfers, and gifting of digital assets. Providers must record personal details such as names, addresses, dates of birth, and tax identification numbers, alongside transaction values, dates, asset types, and purposes. In the UK, this information will be submitted to His Majesty's Revenue and Customs for the 2026 calendar year, with reports due by May 31, 2027. The...