The landmark agreement follows on from the UK’s tax deal made in 2021 to clamp down on corporate tax avoidance and ‘ensure the right tax is paid in the right place’.
The new Crypto-Asset Reporting Framework is the Organisation for Economic Co-operation and Development’s (OECD’s) flagship tax transparency standard that will require crypto platforms to begin sharing taxpayer information with tax authorities.
The new framework will allow international authorities to exchange information in order to enforce tax compliance and builds on the existing Common Reporting Standard system authorities utilise to share information.
Tax on Crypto: What taxes do I need to pay?
Read our Tax on Crypto Guide covering what you need to know about tax on cryptocurrency in the UK and how much you will be taxed.
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