CRS 2.0, formally the amended Common Reporting Standard, is the OECD's update to the framework financial institutions use to report account information that tax authorities exchange with each other. The update extends that framework to the digital economy, bringing new products into scope and, with them, businesses that may never have had a reporting obligation before. CRS 2.0 should also be read in conjunction with the Crypto Asset Reporting Framework (CARF), as many digital asset businesses will likely fall into scope of both.
The Common Reporting Standard is the system behind the automatic exchange of financial-account information. Banks, custodians, and other financial institutions collect their account holders' tax residency information, report account balances and income to their local tax authority, and that authority exchanges the information with the holder's home jurisdiction. FATCA established the model for US accounts; CRS extended it across much of the rest of the world.
The update keeps everything the standard already covered and adds the products that did not exist, or did not clearly fit, when it was written. That includes electronic money (e-money), central bank digital currencies, regulated stablecoins, and indirect digital-asset exposure such as derivatives and funds deriving investment income from digital assets.
It also tightens parts of the existing standard, reflecting years of practical experience with it. What counts as a regulated stablecoin is decided country by country.
The expansion reaches two groups. Financial institutions that already report under CRS will fold the new products and rules into their existing process. The bigger change lands on businesses that have never reported before, including e-money institutions, payment platforms, neobanks, wallet providers that hold balances for their customers, and some digital asset business such as exchanges, depending on the products they offer. For many of these latter types of businesses, this will be their first information reporting obligation, with new data to collect from users and a new process to report it.
CRS 2.0 data collection requirements went live on 1 January 2026 in over 40 jurisdictions, including the EU, UK, Korea, Japan, and Brazil. Data collection runs through the year, and the first reports must be filed in 2027.
CRS 2.0 is moving alongside CARF, the companion framework for digital asset transactions, which more than 75 jurisdictions have committed to implementing for first reporting in 2027 or 2028. But the timelines are not perfectly aligned in every jurisdiction. Some countries, including Switzerland, have postponed CARF while keeping the original CRS 2.0 implementation timing.
There is no single global go-live date. Your obligations depend on the jurisdictions where you operate and where your users are.
Whichever group you are in, the work is the same set of steps: collect and validate user information, determine who is reportable and where, and file in each jurisdiction's format. Taxbit runs that pipeline in one place, across CRS 2.0, CARF, DAC8, and US rules. Book a demo to see what CRS 2.0 changes for your business.