Oh, what a delightful turn of events! It seems that crypto firms in the UK are no longer able to indulge in their sweet, sweet anonymity. Starting next year, they’ll have to wrangle up all kinds of user and transaction data with the fervor of a detective chasing down a particularly juicy case.
The HM Revenue and Customs (HMRC) has issued a command that will make every UK-based crypto-asset service provider (RCASP) tremble. Whether you’re an exchange, a broker, a dealer, or someone who just likes to dabble in the digital assets game on behalf of others, you now have a date with data collection.
This policy, dear reader, is part of the dazzlingly ambitious Crypto-Asset Reporting Framework (CARF), which aims to make international tax evasion nearly impossible for digital assets. How considerate of them! For once, the taxman isn’t just lurking in the shadows; he’s brought a magnifying glass.
“From 1 January 2026, if you provide cryptoasset services in the UK, you’ll have new responsibilities for collecting data and reporting it to HMRC.
Yes, you guessed it! The UK is hopping on the OECD Cryptoasset Reporting Framework (CARF) bandwagon, and, oh joy, they’re extending it to include domestic reporting. Isn’t progress thrilling?
Now, crypto firms will have to gather all sorts of personal details. We’re talking names, dates of birth, addresses, and even the country of residence for individual users. But don’t worry—if you happen to be a business, you’ll need to provide your company name and address. No stone shall be left unturned.
And don’t even think about skipping a beat when it comes to the transactions. If a UK-based user—or anyone else in the CARF network—makes a move, expect crypto firms to track the type of crypto asset, the transaction details, the value, and the number of units involved. This is no mere digital dance; it’s an entire performance.
The cherry on top? If you fail to report correctly, there’s a penalty of up to £300 (about $399) per user. Not to be too harsh, but perhaps it’s time to start practicing your data collection skills. The HMRC is watching, and they do not take kindly to slacking. 🙄
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2025-05-19 22:04