To briefly supplement what the cat general mentioned, there are often friends who ask me whether it is possible to maintain a closed loop if cryptocurrency is used as a source of funds.

The answer is not necessarily.

Firstly, looking at the current situation, China has temporarily not joined CARF, so the data from exchanges and China can be disregarded for now, but CRS 2.0 will indeed require exchanges to declare users, just like brokers.

In simple terms, the first link in the funding chain is the exchange stage, and the best choice is a licensed exchange in the United States; the next best option is registered exchanges in regions that do not participate in CRS.

However, this is not the end of the story. If the USDT or USDC coming from the exchange is converted into fiat currency through an intermediary channel and then enters any bank within the CRS system, it is still a part of the CRS link, and answering the question of the source of funds will be more complicated.

So even with a US-based brokerage plus a US bank card, it does not mean that one can completely avoid CRS. Of course, purely fiat currency would not be an issue, but the question is, where does your fiat currency come from? It can't just be printed out of thin air.

Therefore, the source of funds is also very important. If one truly wants to solve the CRS issue once and for all, the most reliable solution is still to resolve one's tax residency status.

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