BlockBeats news, on August 6, according to Caixin, as CRS information exchange becomes standardized, tax authorities can now fully obtain data on dividends and cash value of overseas insurance policies, gradually closing the regulatory gap; taxation of insurance proceeds from overseas income has already been initiated.
CRS 2.0 is a major update by the Organisation for Economic Co-operation and Development (OECD) to the Common Reporting Standard (CRS), commonly referred to in practice as "CRS 2.0." Its key changes include expanding the definition of financial assets to encompass crypto-assets, central bank digital currencies (CBDCs), and specific electronic money products, aligning with the growing integration of digital assets into the mainstream financial system. Overall, the implementation of CRS 2.0, combined with stricter oversight of overseas income taxation across multiple dimensions—such as overseas stock trading, overseas insurance, and offshore trusts—creates a synergistic effect, reinforcing and amplifying each other to strengthen global cross-border tax source regulation.
Previously, Hong Kong, China, plans to implement CRS 2.0 by 2028 and simultaneously advance the Crypto-Asset Reporting Framework (CARF). In the future, cryptocurrency trading platforms, brokers, and crypto ATM operators will be required to report transactions involving the conversion of cryptocurrencies to and from fiat currencies, cross-crypto asset swaps, and cross-border transfers of crypto assets. Reports must precisely identify the full names of assets, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), and aggregate statistics by transaction volume, including total market value, total holdings, and number of transactions. For retail payment transactions, individual transactions exceeding $50,000 must be reported separately.
Although mainland China has not yet officially announced a timeline for the implementation of CRS 2.0, tax authorities in multiple regions have begun notifying taxpayers via phone calls and text messages since 2025 to self-audit and declare their overseas income for the years 2022 through 2024 and fulfill their tax obligations accordingly. It is understood that CRS 2.0 will not only fully expose offshore-held crypto assets to tax oversight but may also trigger coordinated investigations by other regulatory bodies.