UK: Guidance on cryptoasset reporting framework (CARF) obligations for UK-based service providers

Starting January 1, 2026, UK-based reporting cryptoasset service providers will be required to collect and report detailed information on users and cryptoasset transactions to HMRC.

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May 28, 2025

HM Revenue and Customs (HMRC) on May 14, 2025, issued guidance for UK-based reporting cryptoasset service providers (RCASPs) concerning their obligations under the cryptoasset reporting framework (CARF).

Starting January 1, 2026, UK-based RCASPs will be required to collect and report detailed information on users and cryptoasset transactions to HMRC.

Details of the guidance include:

  • Who qualifies as an RCASP?
  • Definition of cryptoasset
  • Criteria for UK-based status
  • Required information collection
  • Reporting obligations
  • Penalty for noncompliance

Read a May 2025 report prepared by the KPMG member firm in the UK

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