X @UK CBT

Regulatory Compliance - UK crypto-asset service providers will be held to the same reporting standards as traditional financial institutions [1] - From January 1, 2026, UK-based crypto-asset service providers must collect and report user data to HMRC under the Crypto-Asset Reporting Framework (CARF), aligning with OECD standards [1] - Systems must be CARF-ready by December 31, 2025 [1] - First report due May 31, 2027, for 2026 activity [1] Scope of Regulation - Any platform that facilitates crypto transactions, including exchanges, brokers, and dealers, is affected [1] - Only crypto-assets used for payment or investment (not already under CRS) are in scope [1] Data Requirements - Required data includes individuals' name, date of birth, address, and tax ID, as well as entities' legal details and controlling persons [1] - Transaction data required includes type, units, and value [1] Penalties for Non-Compliance - Penalties for non-compliance can be up to £300 per user [1] - Senior management may be held liable for non-compliance [1]