[Hong Kong's First Criminal Conviction for Violating CRS Rules] According to Caixin, a private banking client was sentenced to immediate imprisonment for 6 months and fined HKD 500,000 for deliberately providing false information in CRS declarations, marking Hong Kong's first criminal conviction for violating CRS rules. CRS 2.0 will include cryptocurrencies, stablecoins, crypto derivatives, certain NFTs, and more within the mandatory reporting scope, expected to take effect on January 1, 2027. Crypto trading platforms, custodians, and related funds will be required to fulfill KYC obligations and report information to tax authorities.