I have conducted some research on CRS 2.0 and would like to share it with everyone. Let's start with the conclusion: At this moment, we still have at least 1.5 years (or even 2-3 years) to go before we can pay taxes on cryptocurrency trading on exchanges. Firstly, there is an international organization called OECD. The OECD designed the CRS 1.0 system. CRS is essentially just a way of declaration, and it does not involve taxes in itself. Based on the international common declaration method determined by CRS, each country designs how to pay taxes according to its own national conditions, so CRS ≠ tax payment. For example, in Singapore where I am located, there is no capital gains tax for individual investors who speculate in cryptocurrency. So CRS 2.0 has come into effect (Singapore has also signed it), and declaration is required, but there is still no tax. I think many Chinese media outlets are not quite clear on one point. The one that has a greater impact on us cryptocurrency traders this time is another standard under the OECD called CARF, which stands for Crypto Asset Reporting Framework. CARF and CRS 2.0 are considered brothers. You can tell from the full name that this reporting system is specifically designed for cryptocurrencies. Many people generally say that if this thing really takes effect, he will bring the assets from the exchange to the chain. The general idea is correct, but there are some misconceptions in actual implementation. If you wait until CARF takes effect in your tax jurisdiction before withdrawing large amounts of assets onto the chain, these on chain addresses will also be KYC, declared, and even unknown external addresses will be considered as your own wallet. Because CARF itself was developed after researching cryptocurrencies, it is impossible to leave such a loophole for you. That is to say, if you want to fix bugs and adopt a strategy on the withdrawal chain, you also need to catch up before it takes effect in your tax jurisdiction. PS: Of course, I suggest you declare and pay taxes honestly. For example, Hong Kong and Singapore began collecting data on January 1, 2027 and began exchanging data in 2028. But what's interesting is that mainland China has joined CRS 1.0, but when it will join CRS 2.0 has not been determined yet. Moreover, mainland China has not even promised to join CARF, as there is a prohibitive regulatory framework for virtual currency transactions in mainland China 。 So this thing can be roughly divided into three batches: The first batch has been in effect for 26 years, such as the European Union, the United Kingdom, Japan and South Korea, Switzerland, and the Cayman Islands; The second batch of 27 years will come into effect, such as in Hong Kong and Singapore; The third batch could be mainland China. So I say, this thing is at least 1.5 years away from its official landing, and it could take 2-3 years at a slower pace. Of course, for Twitter friends in mainland China, those who live in the UK or Japan can skip treatment. The time window is still very ample. In addition, thanks to the development of DeFi for so many years and its relative maturity, it is not too difficult for users to switch from exchanges to DeFi. The difficulty is to complete it within the appropriate time window according to one's own tax jurisdiction.