The UAE Ministry of Finance has confirmed the country’s commitment to implementing the amended Common Reporting Standard (CRS 2.0) developed by the Organisation for Economic Co-operation and Development (OECD) under the Automatic Exchange of Information framework.
The revised framework will take effect on January 1, 2027, with the first exchange of financial information scheduled for 2028. The move reinforces the UAE’s reputation for financial transparency and governance while aligning with global efforts to enhance tax compliance and combat illicit financial activities.
According to the Ministry, adopting CRS 2.0 reflects the UAE’s continued progress in global competitiveness and its strategic approach to maintaining international best practices. The timing of the implementation aligns with reporting requirements under the Crypto Asset Reporting Framework (CARF), ensuring consistency across traditional and digital financial sectors.
The updated standard expands the existing framework set by Federal Decree No. 48 of 2018 and Cabinet Resolution No. 93 of 2021. It now covers electronic money, central bank digital currencies, and certain crypto-related activities, with additional auditing and reporting requirements to support tax transparency in the growing digital asset market.
By embracing CRS 2.0 and CARF, the UAE aims to strengthen cooperation with international organisations such as the OECD and reinforce its position as a leading global financial hub committed to integrity, good governance, and international compliance.
News Source: Emirates News Agency
