Cryptocurrency Tax Law: From Gray Fog to the Era of Transparency
When the UK’s HM Revenue and Customs (HMRC) issued warning letters about undeclared capital gains tax to 65,000 crypto investors, a clear signal had spread around the globe: cryptocurrencies are no longer a 'tax haven.' This tax storm, which began in the 2024-2025 tax year, is merely the prologue to a global maturation and transparency in cryptocurrency tax law. From the IRS treating cryptocurrencies as 'property' and imposing heavy penalties, to the OECD soon implementing the Crypto-Asset Reporting Framework (CARF) in 2026, a data-driven, globally collaborative era of crypto taxation is on the horizon.