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UK Launches Public Consultation for OECD Crypto Reporting

Twitter icon  •  Published il y a 1 mois  •  Nikolas Sargeant

The UK government seeks public input on adopting the OECD crypto reporting framework, foreseeing £35M ($45M) revenues starting in 2026.

Following its spring budget speech, the U.K. has initiated a consultation to implement the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework. The Treasury forecasts potential revenues of £35 million ($45 million) from 2026 to 2027 and £95 million from 2027 to 2028 through this implementation.

The OECD framework, designed to combat tax non-compliance, updates existing regulations on offshore accounts. It aims to ensure cross-jurisdictional exchange of information on transactions involving relevant crypto, with rules slated to take effect in 2026. 

Additionally, the government, as outlined in the budget, is adopting international standards to address gaps in tax transparency stemming from recent developments in financial technology and the global crypto-asset market. The consultation period concludes on May 29, with the government planning to release a response and inviting further feedback on draft regulations.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.