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Learn moreUK: Outcomes of consultation on cryptoasset reporting framework (CARF) and CRS amendments
Key feedback topics
HM Revenue and Customs (HMRC) on October 30, 2024, published a summary of responses to the public consultation on implementing the OECD cryptoasset reporting framework (CARF) and amendments to the common reporting standard (CRS) regulations.
The consultation sought feedback on the scope of the rules, practical implementation, and areas requiring additional guidance, while also proposing a new penalty regime for enforcing the CARF rules. Read TaxNewsFlash
HMRC received 33 responses from various stakeholders. The key feedback topics include:
- CARF implementation
- Reforming penalty provisions for CARF and CRS
- Introduction to domestic reporting
- Amendments to the CRS
- Technical consultation on draft regulations
Read a November 2024 report prepared by the KPMG member firm in the UK
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