Starting in 2027, your crypto assets may need to be reported to the Chinese government.
Recently, news of an investigation into cryptocurrency practitioners in Hangzhou has drawn attention in the crypto circle. Although the official has refuted the rumors, this dynamic sends a clear signal: the state is accelerating the regulation of crypto assets. Combined with cutting-edge information from Singapore, a new policy called CARF may become an important turning point for the compliance of crypto assets—similar to the CRS (Common Reporting Standard) system, which is expected to require centralized exchanges, licensed institutions, and others to fulfill reporting obligations starting in 2027, relaying information about users' held crypto assets and currency to relevant authorities.