Svmuu News The global tax "eye in the sky", CRS 2.0, is accelerating its worldwide implementation, with crypto assets, CBDCs, and certain electronic currency products now included in the scope of financial asset reporting. Hong Kong plans to implement CRS 2.0 by 2028 and simultaneously advance the Crypto-Asset Reporting Framework (CARF). In the future, cryptocurrency exchanges, brokers, and crypto ATM operators will be required to report on conversions between cryptocurrencies and fiat currencies, cross-currency crypto asset exchanges, and the transfer of crypto assets across borders. Reporting must accurately mark the full name of the asset, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc., and report the total market value, total holdings, and number of transactions based on transaction dimensions. For retail payment transactions, individual transactions amounting to $50,000 or more must be reported on a case-by-case basis.
Although Mainland China has not yet officially announced a timeline for CRS 2.0 implementation, since 2025, tax authorities in multiple regions have successively notified taxpayers via phone calls and text messages to self-report their overseas income for the 2022-2024 tax years and pay taxes according to law. It is understood that CRS 2.0 will not only fully expose overseas holdings of crypto assets to tax regulatory scrutiny, but may also trigger coordinated investigations by other regulatory departments. (Caixin)