Educational
Implications of CARF & CRS
What Fidelity Digital Assets® clients need to know
August 3, 2026 • 5 min read
The Crypto-Asset Reporting Framework (CARF) and Common Reporting Standards 2.0 (CRS 2.0) are global reporting standards for digital assets that will impact Fidelity Digital Assets® clients in certain jurisdictions beginning in the 2026 tax year. This article is intended to provide answers to questions about CARF and CRS 2.0, how they are being implemented, and explain the obligations of Fidelity Digital Assets® clients this tax year.
You should always consult your own tax, legal, and accounting advisors before engaging in any transaction.
What is CARF?
The Crypto-Asset Reporting Framework (CARF) is a global reporting standard developed by the Organization for Economic Cooperation and Development (OECD). CARF is not a tax, but a set of guidelines for participating tax authorities. It requires digital asset service providers like Fidelity Digital Assets to collect and report certain client information and transaction data. This information is shared with all CARF participating jurisdictions, similar to the Common Reporting Standard (CRS).
What is CRS?
The Common Reporting Standard (CRS) is a set of information and reporting requirements facilitating the automatic exchange of financial account information between participating countries and governments. Like CARF, CRS was also developed by OECD. Originally, CRS did not cover digital assets, but CRS 2.0 provided updates to the framework that include digital assets.
CRS and CARF are similar but differ in scope and the specific data collected.
Does CARF or CRS 2.0 Apply to Me?
CARF reporting requirements apply to all Reporting Crypto-Asset Service Providers (RCASP), which include exchanges, custodians, brokers, dealers, and wallet providers. CARF may also apply to individuals and institutions who use RCASP for digital asset trading, transferring, or investing purposes. Additional information must be collected from these clients, and certain transactions must be reported to tax authorities.
If you are a client of Fidelity Digital Assets, Ltd., you will be required to complete a self-certification form to comply with new CARF and CRS 2.0 requirements. Additional jurisdictions may adopt similar legislation in the future.
What is My Obligation as a Fidelity Digital Assets Client?
Existing Fidelity Digital Assets, Ltd. clients must provide a completed self-certification form by the end of 2026. Any new clients must provide a completed self-certification as part of the account opening process, beginning January 1, 2026.
Who Can Fill Out the CARF/CRS Self-Certification?
- For individuals, it must be completed by the individual account owner.
- For accounts owned by an entity, it must be completed by a person authorized by the entity. Individual controlling persons self-certifications can be completed by any authorized person.
- Accounts owned by a Trust can allow an authorized individual to complete a self-certification on behalf of all controlling persons.
What Information is Reportable Under CARF and CRS?
To comply with both CARF and CRS 2.0, basic client information is reportable. This includes your name, address, date of birth, place of birth, tax residence, and taxpayer identification number. For entities or trusts, entity status, controlling persons, place of registration/incorporation, entity type, and controlling person type may also be reportable.
Additionally, your account and transaction data are also reportable. For example, your provider may need to report your account number and account type, purchases and sales of crypto assets, exchanges between one or more relevant crypto assets, and transfers of relevant crypto assets. Fidelity Digital Assets will work directly with clients to obtain the necessary information.
Where Can I Find More Information Regarding CARF/CRS?
Other details about CARF/CRS, including a list of jurisdictions that have signed agreements to automatically exchange information and details about the information being requested, can be found on the OECD automatic exchange of information portal.
Additional information related to CARF can be found on the OECD website (www.oecd.org). For more questions on how CARF may relate to your tax situation, please direct inquiries to a qualified tax or legal professional.
The information herein was prepared by Fidelity Digital Assets, National Association (“FDA, NA”) and Fidelity Digital Assets, Ltd (“FDA, LTD”). It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer to buy or sell any asset. Perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option.
Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors in digital assets could lose the entire value of their investment. Digital assets are not insured or guaranteed by the Federal Deposit Insurance Corporation, or any other government agency, and are not obligations of any bank.
Custody and trading of digital assets are provided by FDA, NA, which is a national trust bank. FDA, LTD relies on FDA, NA for these services. FDA, LTD is registered with the Financial Conduct Authority under the U.K.’s Money Laundering Regulations. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by FDA, LTD.
To the extent this communication constitutes a financial promotion in the U.K., it is issued only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net worth companies and certain other entities falling within Article 49 of the FPO; and (iii) any other persons to whom it may lawfully be communicated.
This information is not intended for distribution to, or use by, anyone in any jurisdiction where such distribution would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions.
FDA, NA and FDA, LTD do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
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