Recently, it was confirmed through relevant channels that a major cryptocurrency exchange is integrating the global CARF cryptocurrency tax reporting framework. This framework covers a wide range of regions, including Singapore, Canada, South Korea, the Cayman Islands, and 44 other countries and territories, as well as Hong Kong. Interestingly, mainland China is not on this list.

The framework is set to officially take effect on January 1, 2026, with countries required to complete tax reporting and payments by April 30, 2027. In other words, if you have accounts in these covered regions, hold overseas identities, or possess overseas bank cards, you will need to take tax compliance seriously.

What does this mean for many people? If you want to maintain overseas identities, use overseas bank cards, study abroad, or live abroad long-term, tax planning will become an unavoidable topic. Unless you plan to completely return to a domestic-only mode—no overseas identities, no overseas bank cards, no studying abroad, and no long-term residence—then the upcoming compliance costs are a matter worth planning for in advance.