UK, 40+ Countries Launch OECD Crypto Tax Reporting –
The UK and more than 40 other countries have started a new global system to track crypto taxes. The goal is simple. Make it more difficult for crypto investors to evade tax authorities.
From January 1, major crypto exchanges in the UK must now collect full transaction records for users. This includes the amount of cryptocurrency investors bought, the amount they sold, and any profits they made. Additionally, exchanges must also record where users pay tax and send that information to HM Revenue and Customs.
These rules are part of a global plan created by the Organisation for Economic Co-operation and Development, known as the Cryptoasset Reporting Framework, or CARF. The UK is among the first 48 countries to put the system into…
