TechFlow News reports that, according to Caixin, the global tax “satellite eye” CRS 2.0 is accelerating its global rollout. Cryptographic assets, central bank digital currencies (CBDCs), and certain electronic money products have now been included within 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 operators of cryptocurrency ATMs will be required to report cryptocurrency-to-fiat conversions, cross-cryptocurrency swaps, and domestic and cross-border transfers of crypto assets. Reports must precisely specify the full names of assets—for example, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT)—and must include aggregate metrics per transaction dimension: total market value, total holdings, and number of transactions. For retail payment transactions, individual transactions exceeding USD 50,000 must be reported separately.
Although mainland China has not yet officially announced a timeline for implementing CRS 2.0, since 2025, tax authorities across multiple regions have begun notifying taxpayers—via phone calls and text messages—to conduct self-inspections and declare overseas income earned between 2022 and 2024, and to pay taxes accordingly. It is understood that CRS 2.0 will not only fully expose overseas-held crypto assets to tax oversight but may also trigger coordinated scrutiny by other regulatory bodies.
