Over the past decade, international financial regulation has a killer app called CRS (Common Reporting Standard). It sounds unfamiliar, but you need to know its power.

Simply put — if you are Chinese and have an account overseas with money deposited, foreign banks will regularly report your account information to Chinese tax authorities. It sounds a bit scary, but this is the reality.

This mechanism has been in operation in traditional finance for about ten years. So the question is: what about the cryptocurrency space?