The Common Reporting Standard (CRS) 2.0 is set to expand its global tax reporting framework to include crypto assets, CBDCs, and certain electronic money products. Hong Kong plans to implement CRS 2.0 by 2028, alongside advancing the Crypto-Asset Reporting Framework (CARF). This will require cryptocurrency exchanges, brokers, and ATM operators to report detailed transaction data, including crypto-to-fiat conversions and cross-border transfers. Under the new framework, transactions must be reported with precise asset identification, such as Bitcoin (BTC) and Ethereum (ETH), and aggregated by metrics like total market value and transaction volume. Individual retail transactions over $50,000 will also need separate reporting. While mainland China has not set a timeline for CRS 2.0, tax authorities have been urging taxpayers to self-audit overseas income since 2025, indicating a move towards stricter tax oversight of offshore crypto assets.