UK Consultation on Cryptoasset Reporting Framework

Following the OECD consultation, international rules for the Cryptoasset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS 2.0) have been established internationally. The consultation outlines the rules and seeks feedback on optional elements and the UK’s proposed implementation of the rules.

Feedback is requested on:

• Cryptoasset Reporting Framework (CARF) – UK implementation of the OECD CARF and the government’s approach to its optional elements;
• Common Reporting Standard (CRS) – UK implementation of the OECD amendments to the CRS, which update the rules to include new types of assets and improve its operation, alongside views on 2 proposed regulatory amendments; and

• Seeking Views on Domestic Reporting – The potential benefits and drawbacks of extending the CARF/CRS international standards to require UK reporting entities to include information on UK residents.

Firms are invited to submit responses to the consultation until 29th May 2024.