Singapore: Guidance on CRS 2.0 and CARF implementation
CRS 2.0 and CARF reporting, due diligence, and compliance requirements ahead of implementation beginning in 2027.
The Inland Revenue Authority of Singapore (IRAS) on July 31, 2026, issued guidance on the implementation of the OECD's common reporting standard (CRS) 2.0 and cryptoasset reporting framework (CARF).
CRS 2.0 is scheduled to take effect in Singapore on January 1, 2027, with first reporting due by May 31, 2028. The updated framework expands the scope of reportable financial accounts to include specified electronic money products, central bank digital currencies, and certain indirect holdings of cryptoassets, while also introducing additional reporting requirements and enhanced due diligence obligations for reporting Singaporean financial institutions (RSGFIs).
IRAS also released guidance on CARF, under which Singapore reporting cryptoasset service providers (RCASPs) will be required to collect and report information on reportable cryptoasset users beginning with the 2027 reporting period, ahead of expected international exchanges under CARF in 2028. The guidance outlines self-certification, verification, and look-through requirements, as well as detailed reporting obligations covering users, controlling persons, and crypto-asset transactions. IRAS is also developing a simplified filing form for RCASPs that cannot generate CARF returns in XML format.
Read an August 2026 report prepared by the KPMG member firm in Singapore