UK Consults on Implementation of OECD Crypto Reporting Framework
The U.K. has initiated a consultation on the implementation of the Organization for Economic Co-operation and Development's (OECD) crypto reporting framework after the spring budget speech. The Treasury anticipates that the implementation of the framework could generate £35 million ($45 million) between 2026 and 2027 and £95 million between 2027 and 2028. The OECD framework is a new standard that aims to address tax non-compliance and ensure the exchange of information on transactions for relevant crypto across jurisdictions. The government is closing gaps in the tax transparency system by implementing international standards due to recent developments in financial technology and the global crypto-asset market. The consultation will end on May 29.
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