🚨 Crypto Tax Net Tightens: 40+ Nations Join the Hunt! 🕵️
More than 40 countries, including the UK, officially launched new crypto tax regulations on January 1st, based on the OECD’s Crypto-Asset Reporting Framework (CARF). 🌍
Large crypto exchanges are now legally obligated to collect detailed user transaction data – think trading history and tax residency info – and report it directly to tax authorities like HMRC in the UK. The UK is among the first 48 nations to adopt CARF, with 75 countries now committed to implementation.
Data sharing with the EU and other participating nations (Brazil, Cayman Islands, South Africa) begins in 2027. The US plans to join in 2028, sharing data from 2029. This is a game-changer for transparency and compliance in the crypto space. 📈