UK Launches Consultation on Implementing OECD Crypto Reporting Framework

• The U.K. is consulting on its plans to implement the Organization for Economic Co-operation and Development's crypto asset reporting framework.
• The OECD framework is a new standard that addresses tax non-compliance and is an update to an existing framework on offshore accounts.

The U.K. launched a consultation on its plans to implement the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework on Wednesday following its spring budget speech.

The Treasury, the government's finance arm, projected in its budget that implementing the crypto reporting framework could draw in £35 million ($45 million) between 2026 and 2027 and £95 million between 2027 and 2028.

The OECD framework is a new standard that addresses tax non-compliance and is an update to an existing framework on offshore accounts. It is meant to ensure the exchange of information on transactions for relevant crypto across jurisdictions. The rules will come into force in 2026.

"The government is also implementing international standards to close gaps in the tax transparency system that have emerged as a result of recent developments in financial technology and the global crypto-asset market," the budget said.

The consultation closes on May 29. Once the feedback is in, the government will publish a response and seek further feedback on draft regulations.

Update (March 6, 2024, 14:40 UTC): Adds additional detail.