UK Government Updates Crypto Reporting Guidelines 1916h Mandates Collection of Crypto Transaction Data

Crypto firms have up till January 1, 2026 to align their operations as per the CARF laws. 446470

Written by David Delima | Updated: 23 May 2025 18:57 IST

UK Government Updates Crypto Reporting Guidelines, Mandates Collection of Crypto Transaction Data

Photo Credit: Pixabay/ Butti_s 2t4g9

The UK is actively participating in the globally evolving crypto regulatory landscape

Highlights

Crypto firms will have to collect businesses registration numbers
The CARF law was introduced by the OECD in 2023
The UK authorities have asked crypto firms to details

ment

The UK government is set to tighten compliance mandates for crypto firms by deepening the regulatory governance over the sector. In new guidelines issued to improve tax compliance, crypto firms in the UK have been directed to collect details including transaction data under the Crypto-Asset Reporting Framework (CARF). Paris-based Organisation for Economic Development (OECD) had announced the CARF legislation back in October 2023, and the UK wishes to adopt these rules ahead of plans to introduce regulations for the crypto sector by 2026.

Crypto Firms to Collect Details Including Transaction Data

New guidance issued by the UK government has directed crypto firms to collect name, date of birth, and home addresses of their respective retail s. Other information like the country of residence, their National Insurance number, and the Unique Taxpayer Reference, must also be collected from crypto purchasers and holders.

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For business s, the crypto firms must maintain legal business names, main business addresses, and company registration numbers, as per the announcement.

"Depending on the information you collect, you may need to submit a report to His Majesty's Revenue and Customs (HMRC) each year," the announcement said.

When dealing with transaction details, crypto firms will have to maintain logs of data including the value of funds and the type of crypto used under the guidelines.

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"You'll need to that the information you collect is accurate by carrying out due diligence. We'll update the guidance with information about how to do this in due course," the announcement added.

UK officials have said that crypto companies found in violation of these laws can invite penalties of up to GBP 300 (roughly Rs. 35,000) per .

Firms must align their operations as per the CARF laws by January 1, 2026

The UK is actively participating in the globally evolving crypto regulatory landscape. UK'S Financial Conduct Authority (FCA) aims to fianlise a national crypto legislation by 2026.

In the meantime, the Bank of England's (BOE) Prudential Regulation Authority has instructed UK-based corporates to disclose their exposure to crypto assets.

The BoE also ed forces with the New York Department of Financial Services (DFS) to exchange senior staff officials with a proficiency in managing sectors like digital assets and emerging payments.

In recent months, US-based BitPanda have secured FCA approvals in the UK to legalise their businesses.

The UK Treasury has also clarified that the country does not plan to create a US-like national crypto reserve.

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Further reading: CARF

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a ma... more »