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UK launches consultation on implementing OECD crypto reporting framework

TL;DR

  • UK plans to adopt OECD crypto reporting rules to track digital currency transactions, aiming to boost tax transparency and revenue.
  • Treasury estimates £35 million by 2027 and £95 million by 2028 from implementing the framework.
  • Consultation is open until May 29 for public input, followed by government response and further feedback.

The United Kingdom has initiated a consultation process to implement the Organization for Economic Co-operation and Development’s (OECD) crypto reporting framework, as announced following the spring budget speech. 

This move underscores the government’s commitment to enhancing tax transparency and addressing challenges posed by the evolving landscape of financial technology and crypto-assets.

Government projections

The Treasury’s budget outlined projections indicating potential financial gains from implementing the crypto reporting framework. It is estimated that between 2026 and 2027, the initiative could generate £35 million ($45 million), with an anticipated increase to £95 million between 2027 and 2028. 

These figures reflect the government’s optimism regarding the effectiveness of the OECD framework in combating tax non-compliance and facilitating the exchange of information on relevant crypto transactions across jurisdictions.

OECD framework overview

The OECD framework represents a significant step towards standardizing reporting practices in the crypto space. 

It builds upon existing protocols concerning offshore accounts and is designed to bolster tax transparency by addressing emerging challenges the global crypto-asset market poses. 

Scheduled to come into force in 2026, the framework aims to close gaps in the tax transparency system and enhance cooperation among international stakeholders.

Consultation process and timeline

The consultation period, which commenced with the consultation launch on Wednesday, is set to conclude on May 29. During this time, stakeholders can provide feedback on the proposed implementation of the OECD framework. 

After gathering input from various parties, the government will publish a response and seek further feedback on draft regulations, ensuring a thorough and inclusive decision-making process.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

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