48 Jurisdictions Adopt OECD Crypto Reporting Framework as IRS, HMRC Intensify Tax Enforcement

Forty-eight countries, including the U.S., U.K., EU members and Brazil, have agreed to implement the OECD's CryptoAsset Reporting Framework, requiring crypto service providers to submit user transaction data to tax authorities. The IRS escalated enforcement after launching Operation Hidden Treasure in 2021, hiring blockchain specialists and obtaining court orders for data from exchanges such as Coinbase, and platforms must now issue Form 1099DA reporting cost basis and proceeds for 2025 transactions to the IRS by February 17, 2026, with brokers required to report cost basis starting the 2026 tax year. In the U.K., HMRC sent 650,000 nudge letters to crypto investors who owed tax, a 134% increase from the previous year, while market participants warn that treating cryptocurrency like stocks and relying on centralized exchange data may impose heavy compliance burdens on users transacting across wallets, chains and DeFi protocols.