UK Among 48 Countries Enforcing Crypto Tax Rules Starting Jan. 1
The United Kingdom and 47 other countries began enforcing cryptocurrency tax reporting requirements on Jan. 1 under the Organization for Economic Cooperation and Development‘s Cryptoasset Reporting Framework, with major exchanges now required to collect and report user transaction data and tax residency information to authorities. The UK ranks among the first jurisdictions to implement the framework, which will require Her Majesty’s Revenue and Customs to begin sharing data with participating countries starting in 2027.
The Financial Times reported the enforcement date marks the start of coordinated international monitoring of cryptocurrency transactions designed to combat tax evasion.
What Happened: Framework Implementation
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