UK to require crypto firms to report user and transaction data from 2026

CoinRank News: According to the Cryptoasset Reporting Framework (CARF) to be implemented by the UK tax authorities, from 2026, all crypto asset companies operating in the UK must collect and report detailed data on users and their transactions. This includes the users legal name, address, tax identification number, as well as the amount, asset type, quantity and nature of each transaction. The regulation also applies to overseas companies that provide services to UK customers. If the reported data is incomplete or incorrect, each user may be fined up to £300. The British government encourages companies to start data collection in advance to ensure compliance preparation. The move aims to strengthen supervision of the crypto industry, enhance investor confidence, and achieve closer cooperation with the United States and other countries in digital asset supervision. Compared with the EUs Crypto Asset Market Regulation Act (MiCA), the UK chose to incorporate crypto assets into the existing financial framework rather than establish an independent system, showing a more open and global regulatory path. (DL News)