After the policy to crack down on the wealthy tiger was introduced yesterday, I looked back at China Tax 2.0 again More precisely, it is CRS 2.0 (Common Reporting Standard), and I think it is necessary for everyone to know these points again. 1. Taxation of encrypted assets Although it is illegal to trade in Chinese Mainland, tax will be levied BTC, ETH, USDT, and others have all been included in the definition of "financial assets" by CRS 2.0. So if you trade virtual currencies domestically, it does not affect your tax obligations. 2. Hong Kong will increase its efforts, with a dual attack of CRS 2.0 and CARF CARF（Crypto-Asset Reporting Framework）， Simply put, the global declaration framework designed specifically for encrypted assets is essentially the encrypted version of CRS. Hong Kong does not exempt duplicate reporting, and your cryptocurrency earnings must be reported under two sets of rules. Who will report: It's not the user themselves, it's the cryptocurrency exchange. Mandatory KYC, regular declaration, and retention for 6 years. What to declare: Every transaction must be declared. Currency exchange, currency swap, cross-border transfer, reported accurately by currency (BTC, ETH, USDT separated). For retail payments, if you pay a large bill in USDT, such as a single transaction of ≥ 50000 US dollars, you need to report it separately. 3. Multiple tax residents cannot "choose one to declare" In the 1.0 era, you have three passports, and financial institutions can choose one to file taxes according to the "Gabi rule"; 2.0 Directly move the rules backwards, and institutions must truthfully report all your tax residential areas, leaving it to the tax bureau to make their own decisions. In other words, it can't be hidden anymore. 4. The actual control personnel penetration is stricter than before Whether the account is new or existing, individual or joint, who the beneficial owner (UBO) is, and what role they play in the investment entity, all need to be reported. Trust embedded BVI embedded Cayman embedded Singapore, this Russian nesting doll, was cut open with a knife. I used to think that these policies should have a buffer period before they were implemented; Now it seems that the policy is coming at once, without giving you too much preparation time. Yesterday, a chubby friend with encryption asked me, how can I buy beautiful stocks? On the one hand, if you have an overseas address, I still recommend opening an Yingtong IBKR account. Although the page is indeed difficult to use and there is still tax risk, it is still the safest way among top securities firms at present; On the other hand, if you only have a mainland passport, you can open a BIT account and the boss behind it can check, which is indeed quite powerful. Because their securities firms have obtained licenses that allow them to avoid exchanging taxes with China, So, if you use BIT to trade US stocks, you can buy them directly with USDT without paying taxes and protecting your asset information. Indeed, it is the only one in the real estate industry that I know can achieve this step, If you have any other ways, please feel free to add. But I think there may be a window period for this kind of thing. Currently, there are still activities for BIT account opening. If you transfer stock assets for the first time within a month, you can get up to 300 USDT bonds. Please refer to their official introduction for details. The current statement of CRS2.0 is that, BVI、 The Cayman Islands have been put into use this year, Singapore in 2027, Hong Kong in 2028, and the mainland may be next year. On the one hand, this is the monitoring of taxation; On the other hand, there is a strict investigation into asset outflows. Fat friends in need should still make some plans as early as possible.