Check if you need to report cryptoasset data to HMRC

If you provide cryptoasset services in the UK, you must collect data and report it to HMRC.

This is because of rules called the Cryptoasset Reporting Framework (CARF).

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All UK-based ‘reporting cryptoasset service providers’ (RCASPs) need to report to HMRC.

Your business is considered an RCASP if it either:

Some examples of an RCASP include cryptoasset:

A cryptoasset is a digital representation of value that uses a cryptographically secured distributed ledger (or similar technology) to validate and secure transactions.

To count as a cryptoasset under CARF, they must also:

Your organisation is considered UK-based if any of these criteria apply:

You may only need to report in one country.

To work out which country to report in, use the criteria as a hierarchy with tax residence at the top. You should report in the CARF country that is highest on the hierarchy.

For example, if you’re a tax resident in France and your business is incorporated in the UK — you only have to report in France. This is because tax residence is first on the hierarchy.

If two countries are at the same level on the hierarchy, you can choose which country you report in. For example, if you’re a tax resident in both the UK and Germany, you can choose to report in either the UK or Germany.

You can check if the other country or countries are signed up to follow CARF rules using the ‘List of Signatories to the CARF MCAA’ on the Organisation for Economic Development website — it’s in the section ‘The Crypto-Asset Reporting Framework (CARF)’.