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Information exchange - The cryptoasset reporting framework (CARF) is designed for the annual automatic exchange of tax information on transactions in cryptoassets based on jurisdictions of tax residence. Changes have also been made to the Common Reporting Standard (CRS) to bring new financial assets, products and intermediaries into scope.
• The UK has now implemented the CARF. Information relating to 2026 will first be exchanged in 2027.
• The OECD has published a list of countries that have committed to exchanging information under the CARF, and the year by which commitments to exchange information have been made. - Decentralised Finance (DeFi) - HMRC have published the outcome of a consultation on the tax treatment of individuals who invest in cryptoassets using DeFi lending and staking transactions. A final decision on whether or not to make legislative changes has not yet been made. Engagement with stakeholders is to continue, and the government will consider the merits of changing taxation in this area.
- Timing: The first information under the CARF will be exchanged by the UK in 2027. The government have not yet decided whether or not to make changes to the taxation of DeFi, and have not given a date by which a decision or any changes will be made.
Resources (click to open)
- Crypto-Asset Reporting Framework and amended Common Reporting Standard: OECD releases IT format for transmitting information and issues interpretative guidance (OECD, 2 October 2024)
- Collective engagement to implement the Crypto-Asset Reporting Framework (10 November 2023)
- Consultation: The taxation of decentralised finance involving the lending and staking of cryptoassets (HMRC, summary of responses published 26 November 2025)
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