Cryptocurrency Reporting: What Changes in 2025 for Users in the UK and Worldwide

With the New Year, a new era of transparency begins in the cryptocurrency market. The United Kingdom and 47 other countries are officially implementing the (CARF) Framework Agreement on crypto-asset reporting, which will fundamentally change the approach to data exchange about users between nations.

What is CARF and how does it work?

The program is developed by the Organization for Economic Co-operation and Development (OECD) to ensure transparency in tax operations within the cryptocurrency sphere. Under the new rules, major digital asset trading platforms are required to store detailed information about all transactions of their users and transmit this data to government authorities.

For UK users, this means that the UK Revenue and Customs (HMRC) will receive complete information about transactions and the tax status of traders using cryptocurrency exchanges.

Implementation schedule and data exchange

The UK is among the first 48 countries to begin implementing this initiative. However, the most significant phase will start in 2027, when HMRC will begin automatic data exchange with EU member countries, Brazil, the Cayman Islands, South Africa, and other participating states.

The global picture is expanding: a total of 75 countries have committed to implementing CARF. The United States is slightly behind — the US plans to introduce the program in 2028 with data exchange starting in 2029.

What does this mean for users of cryptocurrency platforms?

Transparency of cryptocurrency operations on a global level is no longer waiting. Users from the UK and other participating countries should understand that their activities on crypto exchanges will be documented and reported to government authorities. This requires traders to be more attentive to record-keeping of their transactions and compliance with tax obligations in their jurisdictions.

The implementation of CARF symbolizes a global shift toward a regulated cryptocurrency market, where anonymity is no longer a priority.