HMRC has issued detailed guidance setting out the information crypto asset users must provide to UK-based service providers before the Cryptoasset Reporting Framework (CARF) comes into force on 1 January 2026. The move aligns the UK with the OECD’s automatic exchange of information regime and extends it to domestic reporting.
Under the new rules, reporting cryptoasset service providers (RCASPs) must collect personal data from every customer. Individuals must supply their full name, date of birth, residential address, country of residence and tax identification number, while entities must provide business name, principal address, company registration number and relevant tax IDs. The data must be obtained for each platform a user transacts through, regardless of where the business is located.
RCASPs will start gathering information on 1 January 2026 and, where required, must file the first annual report with HMRC by 31 May 2027. Both users and providers face penalties of up to £300 per user for failing to supply, collect or accurately report the data, with additional sanctions for late or incomplete submissions.
The 2024/25 self assessment return already contains dedicated boxes for cryptoasset gains and losses. Advisers should review clients’ record-keeping processes and notify RCASPs early if updates to onboarding, KYC, or communications are needed ahead of the 2026 start date.
HMRC said:
“The information you give means we’ll be able to link your cryptoasset activity to your tax record. This will make it easier for us to find out what tax you need to pay.”
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