Global Implementation of New Crypto Tax Reporting Rules Under OECD CARF from 2026
The UK and 47 other countries are set to launch mandatory crypto transaction reporting under the OECD's Crypto-Asset Reporting Framework (CARF) starting January 2026. Crypto exchanges will be required to collect full trading data and report users’ tax residency information to the UK tax authority, HMRC, with data exchanges between participating authorities commencing from 2027.
A total of seventy-five countries have committed to implementing CARF. Major financial hubs including the UAE, Hong Kong, Singapore, and Switzerland plan to enforce the rules in 2027, with information exchanges slated to begin in 2028. The United States is expected to implement CARF in 2028 and start exchanges in 2029.
UK-based platforms will extend CARF compliance to domestic users, necessitating the reporting of identity and transaction data to HMRC from 2026. This move aligns with intensified HMRC enforcement efforts, as reflected in approximately 65,000 compliance letters issued during the 2024-25 tax year, up from 27,700 the previous year. Additionally, HMRC's self-assessment form now contains a dedicated section for crypto gains and losses.
In Japan, a 2026 tax reform introduces a flat 20% tax on gains from specified crypto assets handled by registered financial businesses, allowing a three-year loss carryover and potentially introducing crypto-related investment trusts. France is transitioning crypto taxation toward a broader levy by replacing the real estate wealth tax with a 1% tax on digital assets, increasing the tax threshold from €1.3 million to €2 million.
Spain’s Sumar group has proposed shifting crypto gains taxation from the savings rate to the general Personal Income Tax rates, reaching up to 47% for individuals and 30% for corporate gains. Some experts caution that this approach might be unenforceable and disruptive. Meanwhile, Denmark’s tax authority found over 90% of crypto traders failed to report gains or losses under the 2019 rules, with widespread noncompliance across wealth levels and a notable shift to foreign platforms following new reporting requirements.
South Korea's comprehensive crypto law has been delayed to 2026 due to disputes surrounding stablecoins, leaving the 2027 crypto tax implementation uncertain amid missing regulatory guidelines. Switzerland, despite implementing the CARF framework in January 2026, has postponed automatic exchanges of crypto account information with foreign tax authorities until at least 2027.
