Onchain Releases Guidance Addressing Reporting Complexity in Cross-Chain Crypto Activity

Onchain has released guidance aimed at simplifying reporting for cross-chain crypto activity. The guidance comes as global regulators push for greater transparency in digital assets. This development aligns with broader efforts to standardize crypto reporting across jurisdictions.

The Crypto-Asset Reporting Framework (CARF) is now active in 48 countries, marking a major shift in tax transparency for crypto assets. Starting January 1, 2026, crypto service providers must collect user transaction data for submission to tax authorities. This framework, developed by the OECD and supported by the G20, aims to close gaps in crypto reporting.

Fireblocks recently acquired TRES Finance, a crypto accounting and financial reporting platform, for $130 million. The acquisition helps institutions generate compliant financial records from blockchain activity. TRES will operate as a standalone product, supporting Fireblocks' expansion into institutional-grade reporting solutions.

Why Did This Happen?

The rapid growth of the crypto sector has outpaced traditional regulatory frameworks. CARF was designed to address this by ensuring that crypto transactions are reported in a manner similar to traditional financial accounts. As of January 2026, reporting entities must implement new due diligence procedures.

India's tax authorities have flagged risks related to offshore exchanges, private wallets, and DeFi protocols. These structures complicate tracking taxable income and pose enforcement challenges. Indian officials have emphasized the difficulty in identifying taxpayers in crypto transactions that involve multiple jurisdictions.

How Did Markets Respond?

Market participants are adapting to these new rules. Compliance desks at major exchanges like Coinbase and Kraken have been preparing for CARF for 18 months. Smaller exchanges may struggle with the operational burden, potentially leading to consolidation.

Bitget Wallet recently expanded its onchain equity offering to include over 200 tokenized U.S. stocks. The move reflects growing demand for real-world asset exposure through blockchain. Tokenized equities now include companies in telecommunications, financial services, and energy sectors.

What Are Analysts Watching Next?

Analysts are closely monitoring the impact of CARF on the crypto market. The first automatic exchange of information is scheduled for 2027, providing tax authorities with a comprehensive view of cross-border crypto transactions. This could lead to increased audit risk for market participants.

India's regulatory approach remains cautious despite legalizing crypto trading under a 30% tax regime. The government's emphasis on central bank digital currencies (CBDCs) over stablecoins reflects broader concerns about financial stability.

The acquisition of TRES by Fireblocks is seen as a strategic move to support institutional clients in navigating regulatory compliance. Fireblocks aims to provide a unified platform for digital asset operations and financial reporting.