Today, while checking information, I confirmed a quite crucial matter; looking at the tax information exchange of bStocks, the key point is actually the difference between CARF and CRS.

CRS mainly looks at traditional financial accounts, such as bank accounts, brokerage accounts, and custody accounts. If you buy real US stocks and hold assets in a brokerage system, this setup is closer to CRS. CARF mainly focuses on crypto assets, especially those that can be transferred on-chain, can be self-custodied, and can circulate through exchanges and on-chain protocols.

Once bStocks is converted into tokens, it already has the characteristics of on-chain assets, so it should be viewed under CARF.

This is also some of bStocks' solutions regarding "taxes." Because it can be converted 1:1 with real US stocks, for example, if there are 100 shares of real US stocks, you can convert them into 100 bStocks with just one click, and similarly, 100 bStocks can be converted back to 100 shares of real US stocks with one click.

This means that for the same exposure to US stocks, if held in a real US stock account, it follows the CRS path. However, once converted to bStocks, it follows the CARF path. Especially now, there are no fees for transferring between US stocks and bStocks.

CRS looks at traditional financial accounts, and CARF looks at crypto asset transactions.

bStocks is particularly unique, linking real US stocks on the left and on-chain tokens on the right. Real US stocks can enter brokerage accounts, while bStocks can be transferred to on-chain wallets, can also enter certain DeFi scenarios, and even act as collateral.

This is a key area worth studying about bStocks. On the surface, it appears to be US stocks on-chain, but what is more important is that the form of the assets has changed. Real US stocks are securities held in accounts, while bStocks are tokenized securities that can be transferred on-chain. Although conceptually they are the same, the tax implications vary greatly depending on which set of regulations they fall under.

Therefore, my understanding is that bStocks' focus is to link real US stocks and on-chain assets, allowing for the independent selection of both CRS and CARF information exchange rules.

After all, mainland China has not yet joined CARF.

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