The global implementation of new crypto tax regulations under the OECD's Crypto-Asset Reporting Framework (CARF) has commenced, with the United Kingdom and over 40 other countries starting to enforce these rules from January 1, 2026. These regulations require local crypto service providers to collect detailed user transaction data to facilitate cross-border tax information exchange. The UK's HMRC will utilize this data to ensure tax compliance, with penalties for non-compliance. Hong Kong is consulting on revisions to implement CARF and the Common Reporting Standard (CRS), aiming to start automatic exchange of crypto transaction information by 2028. The CARF framework, developed by the OECD, seeks to enhance tax transparency for crypto assets by standardizing data collection and exchange among tax authorities globally. This initiative complements the CRS, which has been in place since 2018, by addressing the unique challenges posed by crypto transactions outside traditional financial systems.