CRS 2.0 And CARF Explained: What The New Global Reporting Rules Mean

CRS 2.0 and the Crypto-Asset Reporting Framework fundamentally expand global tax transparency by bringing crypto assets, digital money and enhanced due diligence into automatic exchange regimes. From 2026, financial institutions and crypto service providers must report broader asset classes, transaction-level data and additional client identifiers, closing long-standing reporting gaps and significantly increasing cross-border tax visibility.

The Organisation for Economic Co-operation and Development (OECD) introduced significant reform of the global tax transparency framework in November 2023 through the introduction of a new Crypto-Asset Reporting Framework (CARF) and an update of the Common Reporting Standard (CRS), the existing tax transparency standard for the exchange of financial account information.