The biggest gray dividend in the cryptocurrency industry, "taxation," is disappearing. With the arrival of CRS, how long can the wealth story of 2017 be hidden? Core viewpoint of provincial flow: The probability before 2017 is before the retrospective period, and after 2017, based on the exchange time, especially the buying and selling on the exchange, there is a high probability of facing tax risks, which should not be involved in the chain for a short period of time. Assuming you sell out in 20 years and no one comes looking for you in 30 years, there may not be much to worry about. If you come looking for you, you need to explain the situation and pay taxes. Of course, the above refers to your significant profits. The third part is that ordinary investors can trace back for about 3-5 years. In the past decade, many people have entered the cryptocurrency market, and one important reason is that it gives people a sense of freedom outside of the traditional financial system. In 2017, many players achieved their wealth transition through Bitcoin, Ethereum, and ICO. At that time, many people's perception was that stocks had brokerage records and bank statements, but coins could be stored in wallets and addresses were just strings, and no one knew who was behind them. But now the biggest change is coming: blockchain is shifting from "anonymous assets" to "traceable assets". Many people misunderstand blockchain. The biggest feature of blockchain is never hiding, but permanent recording. Every transfer on the chain actually exists publicly, but in the past, the wallet address was not connected to the real identity, so everyone felt secure. But with the improvement of the global regulatory system, exchange KYC, bank statements, on chain analysis tools, and cross-border information exchange are gradually being combined, and it is becoming increasingly clear which person corresponds to a wallet address. That's also why the cryptocurrency industry has recently started paying attention to CRS. CRS, in simple terms, refers to the Global Tax Information Exchange Mechanism. Previously, a person had an account in an overseas bank, which may not have been known to the tax authorities in their home country. More and more countries and regions are using automatic information exchange to facilitate the flow of financial account information between different tax jurisdictions. In the future, digital assets may also gradually be included in similar regulatory frameworks. The most concerned question for many friends in the cryptocurrency industry is: If I entered the cryptocurrency industry in 2017 and stopped playing afterwards, is there still any risk now? This question cannot be simply answered as' yes' or 'no', it depends on several factors. First, let's see if you have achieved any profits. If you buy BTC in 2017 and keep it in your wallet without selling, exchanging, or using it for consumption, then it's just a floating profit on assets and the profits that have already been cashed out are two different concepts. But if you bought 100000 yuan in 2017 and sold it for millions in 2018 or 2021, then this profit has already completed asset conversion and its nature is completely different. Secondly, check if the funds have entered the real world. Many people believe that as long as the coin is still on the chain, no one cares. But what really enters the regulatory field is often not the numbers in your wallet, but the changes in wealth. For example, if an ordinary income person suddenly buys a luxury house, a luxury car, or makes a large investment a few years later, then whether the source of funds is reasonable will become the focus. The focus of financial regulation is never on whether you have coins, but on where your money comes from. Thirdly, it depends on the specific tax jurisdiction. Different countries have different ways of handling encrypted assets, with some countries explicitly taxing capital gains, while others are still in the stage of rule refinement. So we cannot simply assume that the transactions in 2017 will be like this, nor can we assume that there have been no problems for a long time in the past. Many people still have a misconception that after an exchange goes bankrupt, changes platforms, or transfers wallets, historical records disappear. In fact, the most troublesome thing about blockchain is that it never forgets. In the past, traditional finance relied on centralized institutions to keep records, while blockchain naturally preserves transaction trajectories. In the future, with the development of regulatory technology, the real problem is not whether there is data, but who can connect this data with real identities. Of course, strengthened regulation does not mean that the cryptocurrency industry has no opportunity. On the contrary, in the future, the cryptocurrency industry may gradually enter the stage of "competing in trading structures" from the past "betting on market trends". For example, in the recent IPO of Yushu Technology, a typical market game has emerged. The stock has not yet been officially listed, but relevant contract prices have emerged in overseas markets, with a current circulating price of approximately $83. So some people began to think: if the contract price reflects market sentiment in advance and there is a deviation in the IPO opening price, can we use the price difference between the two markets for arbitrage? In theory, if it is judged that the contract price is higher than the future spot price, the contract can be shorted in advance, while waiting for the stock to be listed and selling the existing stock to profit from the price difference between the two markets. This is the classic cross market arbitrage in financial markets. But many retail investors think that "arbitrage" means making money without risk. In fact, real arbitrage institutions calculate spreads, liquidity, trading costs, and execution risk. The market is not a mathematical formula, stocks may open higher than expected, contracts may lack liquidity, and the two markets may not be able to trade simultaneously. So arbitrage is not about predicting fluctuations, but about managing uncertainty. This is also the biggest change in future investment. In the past few years, the market has rewarded those who dare to bet. New energy AI、 Cryptocurrency, many wealth stories come from the dividends of the times. But as the market matures, regulation improves, and information becomes more transparent, it will become increasingly difficult to make money solely based on information asymmetry. For example, the photovoltaic industry is putting an end to bottomless price competition, the crude oil market is repricing geopolitical risks, the IPO market is engaged in valuation games, and the cryptocurrency market is entering the era of compliance. These things are essentially the same thing: the global capital market is transitioning from a stage of savage growth to a stage of rule-based competition. Someone used to make money through 'opacity'. In the future, more people will rely on "understanding the rules" to make money. For cryptocurrency enthusiasts around 2017, the real question worth considering is not whether they can still find me, but whether they can explain the source of their past wealth if all assets become more transparent in the future? Because the ultimate reward in the market is never those who hide their wealth, but those who can control the rules.