Check if you'llyou need to report cryptoasset data to HMRC

FromIf 1 January 2026 if you provide cryptoasset services in the UK, you’ll haveyou newmust responsibilitiescollect for collecting data and reportingreport it to HMRC.

This is because theof UKrules iscalled introducing the Organisation for Economic Development (OECD) Cryptoasset Reporting Framework (CARF), and extending it to include domestic reporting.).

Who willneeds need to report

All UK-based ‘reporting cryptoasset service providers’ (RCASPs) will need to report to HMRC.

Your business is considered an RCASP if it either:

• transacts cryptoassets on behalf of users
• provides a means for users to transact cryptoassets

Some examples of an RCASP include cryptoasset:

• exchanges
• brokers
• dealers

Find out about what counts as an RCASP (International Exchange of Information Manual: IEIM8000100).

What counts as a cryptoasset

A cryptoasset is a digital representation of value that uses a cryptographically secured distributed ledger (or similar technology) to validate and secure transactions.

To count as a cryptoasset under CARF, they must also:

• be used for payment or investment purposes
• not be reportable under the Common Reporting Standard as either a Central Bank Digital Currency (CBDC) or a Specified Electronic Money Product (SEMP)

Find out about what counts as a cryptoasset (International Exchange of Information Manual: IEIM8000200).

What counts as UK-based

Your organisation is considered UK-based if any of these criteria apply:

1. You’re a tax resident in the UK.
2. Your business is incorporated in the UK.
3. Your business is managed in the UK.
4. You have a regular place of business or branch in the UK.

If theyou’re criteriabased applyin to both the UK and anotherelsewhere

You countrymay that follows CARF rules, you’ll only need to report in one country.

To work out which country to report in, use the criteria as a hierarchy with tax residence at the top. You should report in the the CARF country country that is highest on the hierarchy.

If two countries are at the same level on the hierarchy, you can choose which country you report in. For example, if you’re a tax resident in both the UK and Germany, you can choose to report in either the UK or Germany.

What

You you’llcan needcheck toif do

You’llthe needother country or countries are signed up to startfollow collectingCARF informationrules aboutusing yourthe users‘List andof theirSignatories transactionsto fromthe 1CARF JanuaryMCAA’ 2026.on Youthe mayOrganisation wantfor toEconomic startDevelopment collectingwebsite information— earlierit’s toin preparethe forsection ‘The Crypto-Asset Reporting Framework (CARF)’.

These are called the newnexus rules.rules Find(International outExchange whatof informationInformation you’llManual: IEIM8000300).

What you need to do

You need to collect information about your users and their transactions.

Depending on the information you collect, you may need to submit a report to HMRC. If required, you’ll need to submit your first report bybetween 1 January and 31 May 2027. Find out aboutout about reporting cryptoasset data to HMRC.

By 31 January 2027, you’ll also need to:  

• register with the online service — it’s not live yet, we’ll update the guidance once it is  
• tell your users that you’ll be reporting their details

Penalties

If you do not follow the rules, you may beget charged a penalty of(International upExchange toof £300Information perManual: user.IEIM8000600).

Situations where you could be charged a penalty include:

• if you do not report
• if you submit your report late
• if your report is inaccurate, incomplete or unverified

More information

You can find detailed information about the Cryptoasset Reporting Framework:

• in the International Exchange of Information technical manual
• in the rules and commentary on the Organisation for Economic Development (OECD’s ) website

You can also find out about international tax transparency standards on the OECD’s website.

If you have questions about the Cryptoasset Reporting Framework, you can email eoi.policy@hmrc.gov.uk.