Mining for information: Preparing for CARF
Published on 10th September 2025
In an article first published in Tax Journal (Issue 1720 on 29 August 2025), Jack Prytherch and Yousuf Chughtai discuss the implementation and practical impact of the OECD's Cryptoasset Reporting Framework
The Cryptoasset Reporting Framework (CARF) represents a fundamental change in HMRC's ability to target the crypto industry. From 1 January 2026, UK-based reporting cryptoasset service providers will be responsible for gathering information and sharing it with HMRC. For service providers with little experience of due diligence procedures or of gathering, sharing and storing data, this could represent a significant new compliance burden.
Information collected under these new rules will give HMRC increased visibility over the crypto industry. This is an industry which is constantly evolving, as shown by the rise of dedicated cryptoasset exchanges and new cryptoassets, as well as the FCA's recent announcement that it would open retail access to crypto exchange traded notes.
This article was first published in Tax Journal (Issue 1720 on 29 August 2025).
