CRS 2.0 introduces targeted updates to close coverage gaps and reflect market developments, most notably with respect to the increased adoption of digital assets. The updates to the regime include the extension of reporting beyond traditional financial accounts to cover crypto assets and other digital money products, and also introduce new reporting requirements.
It is important to note that CRS Returns in respect of the 2025 calendar year should be reported under the previous CRS rules, whilst the new data required under CRS 2.0 must be collected simultaneously during 2026 for reporting in 2027. The BVI has also committed to implement the OECD’s Crypto Asset Reporting Framework (“CARF“) with information exchanges targeted for 2028 at the earliest.
Further detail on these changes can be found in our October 2025 regulatory round up. We will provide further regulatory updates on CRS 2.0 as BVI implementation continues to develop.
