Recently, the topic of CARF has been quite popular. Let's clarify it.

What does CARF stand for? In simple terms, it is a set of automatic data exchange standards introduced by tax authorities around the world to monitor residents' crypto asset situations. It specifically covers core data such as transaction records, holdings, and transfer information.

In comparison, CRS mainly targets the regulation of traditional bank and brokerage accounts, while CARF is specifically aligned with the crypto asset sector. In other words, your trading, holdings, and other activities in the crypto market will be incorporated into the oversight of tax authorities worldwide in the future. This means increased transparency requirements for global holders, and compliance awareness needs to keep up.