UK Finance Response to the Cryptoasset Reporting Framework and Amendments to the Common Reporting Standard Consultation

We welcome the opportunity to respond to the HM Revenue & Customs (‘HMRC’) consultation on ‘Cryptoasset Reporting Framework, Common Reporting Standard amendments, and seeking views on extension to domestic reporting’.

UK Finance members have actively supported the Organisation for Economic Co-operation and Development’s (‘OECD’) work to drive improvements in international tax transparency, providing technical inputs into the development of the Common Reporting Standard (‘CRS’) and Crypto-Asset Reporting Framework (‘CARF’). We are appreciative of HMRC’s consultative approach to implementating international standards, and we are keen to support HMRC understanding of open questions and issues, to arrive at proportionate, pragmatic and operable solutions.