Crypto-Asset Reporting Framework (CARF) and expansion of the Common Reporting Standard (CRS)

CARF guidance notes for industry

This guidance note provides guidance for Reporting Crypto-Asset Service Providers (RCASPs) on their obligations under the CARF, including further guidance on due diligence and reporting.

CARF guidance 24 December 2025

List of reportable jurisdictions

RCASPs must collect due diligence information, including Taxpayer Information Numbers (TINs) and jurisdiction(s) of tax residence for all users. However, information must only be reported in respect of users who are identified as Reportable Users, as well as Controlling Persons identified as Reportable Persons.

Users and controlling persons are reportable if at least one of their jurisdictions of tax residence is a Reportable Jurisdiction for the purposes of the CARF.

A jurisdiction is a Reportable Jurisdiction if:

Jersey has an active exchange of information agreement covering CARF in place with that jurisdiction for the relevant reporting period and
It is identified as a Reportable Jurisdiction on a list published by Jersey

As at 23 December 2025, the following jurisdictions are considered to be Reportable Jurisdictions in respect of the reporting period 2026:

Finland
Hungary
Japan
Slovak Republic

As of 4 December 2025, 48 jurisdictions have committed to implement the CARF in respect of the 2026 reporting period. This list will be updated as more legal agreements are put in place in advance of the first reporting deadline of 30 June 2027.

The full list of jurisdictions which have committed to implement the CARF is published by the OECD.

Jurisdictions committed to implement the Crypto-Asset Reporting Framework (CARF)

Implementation of the OECD Crypto-Asset Reporting Framework

Jersey is preparing to implement the OECD’s Crypto-Asset Reporting Framework (CARF) from 1 January 2026, subject to approval by the States Assembly.

CARF introduces new international tax transparency requirements for Reporting Crypto-Asset Service Providers (RCASPs), including due diligence, collection of tax information and annual reporting of certain customer transactions to Revenue Jersey.

The industry note outlines:

who is affected
what needs to be reported
key dates
where to find further guidance on the CARF

Implementation of CARF in Jersey - December 2025

The Crypto-Asset Reporting Framework (CARF) and amendments to the CRS

The CARF is a new global standard requiring the collection, reporting and exchange of tax information on the customers of crypto-asset service providers. It has been developed by the Organisation for Economic Cooperation and Development (OECD) to prevent the use of virtual assets for tax evasion purposes.

It's intended to support the Common Reporting Standard (CRS) on automatic exchange of financial account information, which has applied to financial institutions in Jersey since 2016. The CRS is also being expanded to bring some digital assets within its scope for the first time.

Scope of the CARF

The CARF will apply to businesses, individuals and entities which provide services effectuating exchange transactions in crypto-assets for or on behalf of customers. This includes crypto-asset exchanges and other intermediaries and service providers which provide exchange services, such as brokers and dealers in relevant crypto-assets.

Similarly to the CRS, businesses will have to collect information on the jurisdictions of tax residence and Taxpayer Information Numbers (TINs) of the users of relevant crypto-assets, and their beneficial owners. This information will be reported to Revenue Jersey on an annual basis, alongside details of relevant transactions undertaken on behalf of the user.

Reportable transactions are those involving:

exchanges between crypto-assets and fiat currencies
exchanges between one or more forms of crypto-assets
transfers of crypto-assets, including Reportable Retail Payment Transactions where an intermediary processes payments on behalf of a merchant accepting crypto-assets in payment for goods or services exceeding €50,000

Transactions will be reported on an aggregate basis by type of crypto-asset and by transfer type such as:

airdrops
income derived from staking
a loan

In addition, details of the number of units and the total value of transfers of crypto-assets effected by a reporting entity on behalf of a crypto-asset user to wallets not associated with a virtual asset service provider or a financial institution will be required.

The relevant crypto-assets which give rise to reporting obligations are any digital representation of value which relies on a cryptographically secured distribution ledger or a similar technology to validate and secure transactions. This includes stable coins, derivatives issued in the form of a crypto-asset and certain non-fungible tokens (NFTs).

Certain categories of crypto-assets which are considered to pose limited tax compliance risks are excluded from reporting obligations, including crypto-assets which cannot be used for payment or investment purposes and those which are already covered by the CRS.

Central Bank Digital Currency and Specified Electronic Money Products are also excluded from the scope of the CARF, but they will fall within the scope of reporting under the expanded CRS when the new rules are introduced.

Changes to the CRS

At the same time as the introduction of the CARF, the OECD is amending the CRS to bring certain electronic money products and Central Bank Digital Currencies within its scope. Changes will also be made to ensure that indirect investments in crypto-assets through derivatives and investment vehicles are covered by the CRS.

As well as the changes which are intended to act as a package alongside the CARF, further changes are being introduced which are intended to improve the quality and usability of CRS reporting.

Implementation of the CARF and expansion of the CRS

Jersey signed the Multilateral Competent Authority Agreement to implement the CARF on 26 November 2024. At the same time, Jersey also signed the Addendum to the Multilateral Competent Authority Agreement agreeing to implement changes to the CRS. The current list of jurisdictions which have committed to implement the CARF can be found on the OECD website.

This builds from the commitment made on 10 November 2023, when Jersey joined a group of 48 jurisdictions in expressing its intention to work towards a common implementation timeframe for the CARF and amended CRS, with the intention of first exchanges being made in 2027.

Joint statement on the implementation of the CARF

Timeframes for implementation

Both sets of new rules will come into effect from 1 January 2026, with the first requirements to report and exchange information in 2027. This is also consistent with the EU's DAC8, finalised in October 2023.

A public consultation on the implementation of both the CARF and the amendments to the CRS in Jersey was published on 21 November 2024. Feedback is invited by 13 February 2025, following which legislation will be debated by the States Assembly in the second half of 2025.

Consultation on the CARF Regulations