Check if you'll need to report cryptoasset data to HMRC
Source: gov.uk (2025-11-14)

Find out whether you'll need to start reporting to HMRC under the Cryptoasset Reporting Framework (CARF).

From 1 January 2026 if you provide cryptoasset services in the UK, you’ll have new responsibilities for collecting data and reporting it to HMRC.

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

We’ll be updating this guidance with more information in due course.

You can subscribe to get email updates (https://www.gov.uk/email/subscriptions/new?topic_id=reporting-to-hmrc-if-you-provide-cryptoasset-services-in-the-uk) about Cryptoasset Reporting Framework guidance.

Who will 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
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 (https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402005) as either a Central Bank Digital Currency (CBDC) or a Specified Electronic Money Product (SEMP)
What counts as UK-based

Your organisation is considered UK-based if any of these criteria apply:
- You’re a tax resident in the UK.
- Your business is incorporated in the UK.
- Your business is managed in the UK.
- You have a regular place of business or branch in the UK.
If the criteria apply to both the UK and another country 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 CARF country that is highest on the hierarchy.

For example, if you’re a tax resident in France and your business is incorporated in the UK — you only have to report in France. This is because tax residence is first 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’ll need to do

You’ll need to start collecting information about your users and their transactions from 1 January 2026. You may want to start collecting information earlier to prepare for the new rules. Find out what information you’ll need to collect (https://www.gov.uk/guidance/collecting-cryptoasset-user-and-transaction-data).

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 by 31 May 2027. Find out about reporting cryptoasset data to HMRC (https://www.gov.uk/guidance/reporting-cryptoasset-user-and-transaction-data).

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 be charged a penalty of up to £300 per user.

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 (https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim800001)
- in the rules and commentary on the OECD’s website (https://www.oecd.org/en/publications/international-standards-for-automatic-exchange-of-information-in-tax-matters_896d79d1-en/full-report.html)
You can also find out about international tax transparency standards on the OECD’s website (https://www.oecd.org/en/topics/international-standards-on-tax-transparency.html).

If you have questions about the Cryptoasset Reporting Framework, you can email xxx@xxx.xx (mailto:xxx@xxx.xx).