New rules that come into force on Thursday in the UK and more than 40 other countries will make it harder for crypto investors to hide their gains from international tax authorities.
From January 1, major cryptocurrency exchanges will be required to collect full transaction records for UK customers — including how much they paid, how much they sold their assets for and any profits made. Crypto exchanges will also collect and report information to HM Revenue & Customs about the tax residency of users.
The UK is among the first wave of 48 countries implementing the global rules developed by the OECD, known as the Cryptoasset Reporting Framework (Carf).
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