diff --git a/config/crd-base/multicluster.x-k8s.io_serviceexports.yaml b/config/crd-base/multicluster.x-k8s.io_serviceexports.yaml
index 1c4a39a..cd6543d 100644
--- a/config/crd-base/multicluster.x-k8s.io_serviceexports.yaml
+++ b/config/crd-base/multicluster.x-k8s.io_serviceexports.yaml
@@ -15,6 +15,9 @@ apiVersion: apiextensions.k8s.io/v1
 kind: CustomResourceDefinition
 metadata:
   name: serviceexports.multicluster.x-k8s.io
+  labels:
+    # semver-conformant version of CRD schema. This MUST BE updated on each CRD change
+    multicluster.x-k8s.io/crd-schema-version: v0.1.0
 spec:
   group: multicluster.x-k8s.io
   scope: Namespaced
diff --git a/config/crd-base/multicluster.x-k8s.io_serviceimports.yaml b/config/crd-base/multicluster.x-k8s.io_serviceimports.yaml
index b185bb0..cd9c7b0 100644
--- a/config/crd-base/multicluster.x-k8s.io_serviceimports.yaml
+++ b/config/crd-base/multicluster.x-k8s.io_serviceimports.yaml
@@ -15,6 +15,9 @@ apiVersion: apiextensions.k8s.io/v1
 kind: CustomResourceDefinition
 metadata:
   name: serviceimports.multicluster.x-k8s.io
+  labels:
+    # semver-conformant version of CRD schema. This MUST BE updated on each CRD change
+    multicluster.x-k8s.io/crd-schema-version: v0.1.0
 spec:
   group: multicluster.x-k8s.io
   scope: Namespaced
diff --git a/config/crd/embed.go b/config/crd/embed.go
index 5ee0c0a..785a90d 100644
--- a/config/crd/embed.go
+++ b/config/crd/embed.go
@@ -26,3 +26,8 @@ var (
 	//go:embed multicluster.x-k8s.io_serviceimports.yaml
 	ServiceImportCRD []byte
 )
+
+const (
+	// CustomResourceDefinitionSchemaVersionKey is key to label which holds the CRD schema version
+	CustomResourceDefinitionSchemaVersionKey = "multicluster.x-k8s.io/crd-schema-version"
+)
diff --git a/config/crd/multicluster.x-k8s.io_serviceexports.yaml b/config/crd/multicluster.x-k8s.io_serviceexports.yaml
index 07c0c8c..c45b9ba 100644
--- a/config/crd/multicluster.x-k8s.io_serviceexports.yaml
+++ b/config/crd/multicluster.x-k8s.io_serviceexports.yaml
@@ -15,6 +15,9 @@ apiVersion: apiextensions.k8s.io/v1
 kind: CustomResourceDefinition
 metadata:
   name: serviceexports.multicluster.x-k8s.io
+  labels:
+    # semver-conformant version of CRD schema. This MUST BE updated on each CRD change
+    multicluster.x-k8s.io/crd-schema-version: v0.1.0
 spec:
   group: multicluster.x-k8s.io
   scope: Namespaced
diff --git a/config/crd/multicluster.x-k8s.io_serviceimports.yaml b/config/crd/multicluster.x-k8s.io_serviceimports.yaml
index 844ca02..8c44ae1 100644
--- a/config/crd/multicluster.x-k8s.io_serviceimports.yaml
+++ b/config/crd/multicluster.x-k8s.io_serviceimports.yaml
@@ -15,6 +15,9 @@ apiVersion: apiextensions.k8s.io/v1
 kind: CustomResourceDefinition
 metadata:
   name: serviceimports.multicluster.x-k8s.io
+  labels:
+    # semver-conformant version of CRD schema. This MUST BE updated on each CRD change
+    multicluster.x-k8s.io/crd-schema-version: v0.1.0
 spec:
   group: multicluster.x-k8s.io
   scope: Namespaced