Calix warns that converting crypto assets into fiat could expose CARF blind spot funds to CRS regulation FinTax founder Calix, in an interview with WuTalk, delved into the logic of tax tracing and pointed out that although CARF theoretically struggles to obtain historical transaction data prior to its implementation, this does not mean that existing assets are 'absolutely safe.' He emphasized that regulators can trace back the original source of large holdings, and once users convert crypto assets into fiat currency and deposit them into banks, these funds immediately shift from CARF's regulatory blind spot to CRS's monitoring scope, facing strict scrutiny and compliance accountability. The video and written content represent the interviewee's views only and do not reflect WuTalk's stance.