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.
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