Hong Kong LegCo Passes Crypto-Asset Reporting Bill: Framework Starts in 2027, Tax Data Exchange From 2028
Hong Kong's Legislative Council passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on November 4, putting into local law the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard developed by the Organisation for Economic Co-operation and Development (OECD). Secretary for Financial Services and the Treasury Christopher Hui said implementing the latest international standards on the automatic exchange of tax information is vital to Hong Kong's standing as an international financial and business centre.
Under the timetable, the CARF takes effect in Hong Kong on January 1, 2027, with crypto-asset service providers required to collect the information specified under the framework so that the Inland Revenue Department can begin exchanging it with partner tax jurisdictions from 2028. The amended Common Reporting Standard takes effect on January 1, 2028, and the department will exchange financial account information under the new standard with suitable partners from 2029. Exchanges will be conducted on a reciprocal basis, subject to safeguards for confidentiality and data security.
The OECD published the CARF and the CRS amendments in 2023 to cover digital financial products and to refine reporting and due diligence procedures. The Inland Revenue Department will issue guidance and has set up a dedicated team to provide technical support to the industry. Hui said aligning with the latest international standards gives crypto-asset service providers, financial institutions and digital asset users greater confidence to operate and invest in Hong Kong for the long term.
Source: Financial Services and the Treasury Bureau, Hong Kong
Published by GSM · USA (original Chinese edition)
Photo: 图：自维多利亚港望向添马：左下为香港立法会综合大楼、中央为政府总部大楼。LN9267 摄，Wikimedia Commons，CC BY-SA 4.0。 / Photo: The Legislative Council Complex (lower left) and the Central Government Offices at Tamar in Hong Kong, seen from Victoria Harbour. Photo by LN9267, Wikimedia Commons, CC BY-SA 4.0.
