BlockBeats News, May 20th. According to Caixin, the global tax "eye" CRS 2.0 is accelerating its global implementation. Cryptographic assets, CBDCs, and some digital currency products have been included in the scope of financial asset declaration. Hong Kong, China plans to implement CRS 2.0 by 2028 and simultaneously promote the Cryptographic Asset Reporting Framework (CARF). In the future, cryptocurrency exchanges, brokers, and cryptocurrency ATM operators will need to report cryptocurrency-to-fiat currency exchanges, cross-border cryptocurrency swaps, and domestic and international cryptocurrency transfers. The declaration must clearly indicate the full name of the asset, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc., and calculate the total market value, total holdings, and number of transactions by trading pair. For retail payment transactions, individual transactions exceeding $50,000 must be reported separately.

Although the Chinese mainland has not officially announced the timetable for the implementation of CRS 2.0, since 2025, tax authorities in various regions have been notifying taxpayers to voluntarily declare their overseas income for the years 2022 to 2024 through phone calls, text messages, and other means and pay taxes in accordance with the law. It is reported that CRS 2.0 will not only expose overseas-held cryptocurrency assets entirely to tax supervision but may also trigger cooperative inspections by other regulatory authorities.