Hong Kong launches public consultation on implementing amendments related to the crypto asset reporting framework and the Common Reporting Standard.

On December 9, the Hong Kong SAR Government today launched a public consultation on the implementation in Hong Kong of the Crypto-Asset Reporting Framework (CARF) and related amendments to the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD). The OECD released the reporting framework in 2023, under which partner tax jurisdictions will automatically exchange tax information related to crypto-asset transactions annually, and new digital financial products as well as optimized reporting and due diligence requirements will be incorporated into the CRS.

The Hong Kong government plans to complete the necessary local legislative amendments within next year, with the goal of automatically exchanging tax information related to crypto-asset transactions with relevant partner tax jurisdictions starting from 2028, and implementing the newly amended CRS starting from 2029. Hong Kong will automatically exchange tax information with suitable partners on a reciprocal basis, provided that partners meet standards related to data confidentiality and security. The public is welcome to submit comments on the proposals on or before February 6, 2026.