Crypto-Asset Reporting Framework
Introduction
In November 2023, the Isle of Man committed to implementing the Organisation for Economic Co-operation and Development’s ('OECD') Crypto-Asset Reporting Framework ('CARF'), an international standard designed to facilitate the automatic exchange of information relating to crypto-asset transactions between participating jurisdictions.
The Isle of Man implemented this commitment through the Income Tax (Crypto-Asset Reporting) Regulations 2025 (as amended) ('the Regulations'), which came into force on 1 January 2026.
Scope
A person or entity that, as a business, provides services involving Relevant Crypto-Assets for or on behalf of customers may meet the definition of a Reporting Crypto-Asset Service Provider ('RCASP').
Activities that may fall within scope include services facilitating:
- The exchange of Relevant Crypto-Assets for Fiat Currency (or vice versa)
- The exchange of one or more Relevant Crypto-Assets for another Relevant Crypto-Asset
- Transfers of Relevant Crypto-Assets; and
- Relevant Retail Payment Transactions using Relevant Crypto-Assets
Businesses should refer to the OECD’s CARF, including the Commentary, and the Isle of Man’s Crypto-Asset Reporting Regulations 2025 (as amended), when determining whether they fall within the definition of an RCASP.
Due diligence
RCASPs are required to establish and maintain due diligence procedures to identify their Crypto-Asset Users, determine their jurisdiction(s) of tax residence and establish whether they are Reportable Users or have Controlling Persons who are Reportable Persons.
RCASPs should refer to the Regulations and the OECD CARF and associated Commentary for the detailed due diligence requirements, including those relating to self-certification, determining the tax residence of Crypto-Asset Users and identifying Controlling Persons.
Registration
If, after reviewing the Regulations and associated OECD guidance, you conclude that you are an RCASP, you must first register with the Income Tax Division as an Information Provider by completing the registration form, as it is mandatory for CARF returns to be submitted online.
Once the registration form has been completed, the international compliance team will review this and will email you separately with further instructions to complete the process.
Information regarding registration and access to the service is available on the Division’s website.
Submission of return
CARF returns must be filed annually in XML (Extensible Markup Language) format. The filing deadline is 30 June following the end of the relevant calendar year. The first CARF return, for the calendar year ending 31 December 2026, is due by 30 June 2027.
The return must:
- Use the OECD CARF XML Schema. The Division applies additional validation requirements, which are set out in the Industry Advisory Notice – Implementation and Schema Validation
- Have a maximum file size of 124 MB and all reporting should be consolidated into one file if possible. If the data to be submitted exceeds the file size limit, multiple returns will be required
- Include all users identified as Reportable Users, or as having Controlling Persons who are Reportable Persons
- Be submitted as a nil return where the RCASP has no Reportable Users to report for the reporting period
- Be submitted electronically through the Information Providers Service
Implementation timeline
| Date | Milestone |
|---|---|
| 1 January 2026 | First reportable period commences |
| 31 December 2026 | First reportable period ends |
| 1 January 2027 | Second reportable period commences |
| 1 January 2027 | List of Reportable and Partner Jurisdictions published for the first reportable period |
| 30 June 2027 | CARF return for the first reportable period due |
| 30 September 2027 | First exchange of CARF information between Competent Authorities |
Keeping updated
If you would like to be added to our mailing list to receive CARF and general International Automatic Exchange of Information updates, please provide your details on the Mail List Contact Form.
Guidance and communication
| Document | Date | Status |
|---|---|---|
| Industry Advisory Notice - CARF | December 2025 | Current |
| CARF Implementation & Schema Validation | December 2025 | Current |
| OECD – Crypto-Asset Reporting Framework | 2023 | Current |
Regulations and orders
| Document | Date | Status |
|---|---|---|
| Income Tax (Crypto-Asset Reporting) Regulations 2025 (as amended) | December 2025 | Consolidated version |
| Income Tax (Crypto-Asset Reporting) (Amendment) Regulations 2026 | July 2026 | Current |
| Income Tax (Crypto-Asset Reporting) Regulations 2025 | December 2025 | Current |
