X @UK CBT

Regulatory Compliance - UK crypto-asset service providers must adhere to new reporting standards aligning with OECD standards under the Crypto-Asset Reporting Framework (CARF) [1] - The framework mandates the collection and reporting of user data to HMRC, effective from 1 January 2026 [1] - First report is due by 31 May 2027, covering 2026 activity [1] - Systems must be CARF-ready by 31 December 2025 [1] Scope and Impact - The rules affect platforms facilitating crypto transactions, including exchanges, brokers, and dealers [1] - 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 of cryptoassets used for payment or investment (not already under CRS) [1] Penalties - Non-compliance may result in penalties of up to £300 per user [1] - Senior management may be held liable for non-compliance [1]