A global crackdown on crypto tax evasion is underway as the UK and 47 countries enforce mandatory transaction reporting for digital assets under new OECD-developed rules. Exchanges now collect transaction records for UK customers, sharing data with tax authorities. The UK implements the Cryptoasset Reporting Framework, with automatic data sharing starting in 2027.

Seventy-five countries commit to enforcing CARF rules, with the US implementing the framework in 2028. UK tax authorities send 65,000 notices to suspected tax evaders in the 2024-25 tax year. Self-assessment forms now include a section for declaring crypto gains. Despite increased scrutiny, retail confidence in digital assets remains strong.

Tax treatment varies globally, with Japan implementing a flat 20% rate on crypto gains in 2026. France taxes crypto as “unproductive wealth,” and Spain proposes tax rate shifts. Regulators aim to close tax evasion loopholes, as seen in Denmark where 90% of traders failed to report gains. US lawmakers seek exemptions for virtual currency.

South Korea and Switzerland face delays and uncertainty in implementing crypto tax regulations. The global push for clearer tax reporting standards aims to combat tax evasion in the crypto industry. The enforcement of new regulations signifies a shift towards increased oversight and compliance in the digital asset market.

Read more at Yahoo Finance: New Crypto Tax Rules Hit 40+ Countries as HMRC Targets Exchanges