Channel Islands: Draft regulations implementing cryptoasset reporting framework (Jersey)
Once approved, CARF will become effective on January 1, 2026
Revenue Jersey on December 5, 2025, issued an industry briefing on the forthcoming implementation of the OECD’s cryptoasset reporting framework (CARF) within Jersey’s domestic framework.
The draft regulations were debated by the States Assembly and once approved, CARF will become effective on January 1, 2026.
Under CARF, reporting cryptoasset service providers (RCASPs) operating in or from Jersey, including virtual asset brokers, exchanges, and dealers, must collect and report relevant customer information (cryptoassets users).
RCASPs are required to:
- Conduct due diligence procedures to identify reportable customers
- Collect tax information, including tax residence jurisdictions and taxpayer identification numbers (TINs)
- Report specified cryptoasset transactions, by type and value
- Submit CARF reports to Revenue Jersey annually by June 30 following the end of the reportable year
Due diligence and record-keeping obligations for RCASPs take effect on January 1, 2026, with the first reporting deadline on June 30, 2027, covering transactions that occur in 2026.
Notably, CARF does not impose travel rule obligations to entities that are not virtual asset service providers (non‑VASPs), and it requires only the tax information necessary for due diligence, not detailed provenance tracing.
Read a December 2025 report prepared by the KPMG member firm in Jersey