CRS 2.0 is accelerating its implementation, with Hong Kong, China planning to implement it before 2028

According to Caixin Weekly, CRS 2.0 includes encrypted assets, CBDCs, and some electronic currency products in the scope of financial asset declaration. Hong Kong, China plans to implement and promote the Crypto Asset Declaration Framework (CARF) before 2028, requiring exchanges, brokers, and others to declare exchanges between cryptocurrencies and legal tender, cross currency swaps, and domestic and foreign transfers. The full name of the asset must be indicated, and the total market value, holdings, and number of transactions must be recorded. Retail payments with a single amount exceeding $50000 must be declared on a case by case basis. There is no clear timetable for CRS 2.0 in mainland China, but from 2025 onwards, tax authorities in multiple regions have notified taxpayers to self check their overseas income for the years 2022-2024 and pay taxes in accordance with the law.