CRS vs CRS2.0: The New Digital Standard

^{by George Kleanthous, Head of Banking}

The world of international tax is changing. For over ten years, the Common Reporting Standard (CRS)¹ has been the main rule for how countries share tax information. As we move through 2026, a new version called CRS 2.0 is being launched and adopted. This update makes sure the rules keep up with new technology like digital assets and electronic money.

CRS Origins

To understand these changes, we have to look at why transparency started. The Organisation for Economic Co-operation and Development (OECD)² created the CRS in 2014 after being asked by the G20. Before this, tax offices had to ask for information one by one, which was a slow and difficult process.

The CRS changed this by starting the Automatic Exchange of Information (AEOI). The goal was to make sure money held abroad is reported just like money held at home. Since it started, many countries have joined, helping to find billions in hidden assets. By January 2026, over 120 regions, including Europe, Asia-Pacific, the Americas (except of the U.S.) and Africa, will be part of this network.

CRS 2.0: Update to keep up with Technology

The financial world in 2026 is very different from 2014. Because more people use digital payments and crypto, the rules had to change. CRS 2.0 is not a new system; instead, it adds updates to the existing rules so they work for the modern economy.

• Wider Coverage: The definition of a ‘’Financial Account³’’ now includes Electronic Money (EMIs) and Digital Currencies from Central Banks (CBDCs).
• Digital Money like Cash: This ensures that money in a digital wallet or vIBAN is treated (and reported) with the same rules as a traditional bank deposit/balance.
• Including Crypto / Digital Assets: Along with the Crypto-Asset Reporting Framework (CARF⁴), CRS 2.0 now includes ‘’Relevant Crypto-Assets’’ as part of the reported information. This fills the gap between traditional cash and the emerging digital markets.
• Better Checks: The update requires more detail on who really owns or controls trusts and companies, making the reporting more accurate.

Automatic Exchange of Information

The Financial Institutions still focus on basic ID and balance information to keep the tax system fair while protecting legitimate activity.

• Personal Details: Name, address and Tax Identification Numbers (TINs).
• Account Details: Account Number, Balances as of December 31^st and any interest, dividends or income earned during the year.
• Company Ownership: Clearer details on ‘’Controlling Persons’’ and their roles in certain types of companies and legal vehicles.

By including digital products, the OECD makes international business and wealth management more predictable. Financial institutions share this encrypted date with their domestic tax authorities once a year. The tax authority of each participating jurisdiction sends the information to the corresponding tax authority where the reporting person resides.

Strategic Advice and Support

The new rules for CRS 2.0 and CARF mean that businesses and individuals may need to adjust how they manage their accounts. At Enalian Consulting, we provide expert advice to help you handle these changing rules.

We focus on checking international structures to make sure they follow the latest transparency standards. We recommend a professional consultation to see how these updates affect your specific holdings. Enalian Consulting is here to help you include these standards in your long-term planning.

1. https://www.oecd.org/en/publications/consolidated-text-of-the-common-reporting-standard-2025_055664b1-en.html#:~:text=Careers- ↩︎
2. https://www.oecd.org/en.html ↩︎
3. CRS-related FAQ (December 2025) ↩︎
4. Internationals Standards for Automatic Exchange of Information in Tax Matters: Crypto-Asset Reporting Framework and 2023 update to the Common Reporting Standard ↩︎