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CRS 2.0 Accelerates Global Rollout; Crypto Assets to Be Reported, Hong Kong Deadline Set for 2028

GateNews

Regulation & Policy Geopolitics

2026-05-20 11:49:48

BTC0.87%

ETH0.76%

According to Caixin, on May 20, the global Common Reporting Standard (CRS) 2.0 is accelerating implementation worldwide, with crypto assets, central bank digital currencies (CBDCs), and certain e-money products now included in financial asset reporting requirements. Hong Kong plans to implement CRS 2.0 and launch its Crypto Asset Reporting Framework (CARF) by 2028. Crypto exchanges, brokers, and ATM operators will be required to report crypto-to-fiat conversions, cross-asset swaps, and domestic-to-cross-border transfers, with precise asset identification (e.g., Bitcoin/BTC, Ethereum/ETH, Tether/USDT). Retail transactions exceeding $50,000 per transaction require individual reporting. While mainland China has not officially announced a CRS 2.0 implementation timeline, tax authorities have since 2025 notified taxpayers to self-report overseas income for 2022-2024 and settle taxes accordingly.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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