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ARTICLE · 25 SEPTEMBER 2025

UK Crypto Update: Completing The CARF Jigsaw

Hogan Lovells Cadwalader
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Following a series of consultations, in June 2025 His Majesty's Revenue and Customs ("HMRC") published a policy paper titled ‘Implementation of the Cryptoasset Reporting Framework'.

United KingdomTax
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Following a series of consultations, in June 2025 His Majesty's Revenue and Customs ("HMRC") published a policy paper titled 'Implementation of the Cryptoasset Reporting Framework'.1 The paper sets out the United Kingdom's ("UK") approach to implementing new rules on reporting information related to crypto-asset transactions. The rules mark a significant step in advancing tax transparency and compliance for crypto-assets.

Crypto-Asset Reporting Framework ("CARF"), introduced by the Organisation for Economic Co-operation and Development ("OECD"), establishes a framework under which reporting crypto-asset service providers ("RCASPs") must collect and report details on crypto-asset users and crypto-asset transactions to tax authorities. The data will be exchanged between tax authorities internationally to target local non-compliance.

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