Hong Kong launches public consultation on revisions to the crypto asset reporting framework and common reporting standards.
TL;DR
Hong Kong has launched a public consultation to implement OECD's crypto-asset reporting framework and update the Common Reporting Standard, aiming for legislative changes by next year and information exchange from 2028.
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On December 9, the Hong Kong Special Administrative Region Government launched a public consultation on the implementation of the OECD's (Organisation for Economic Co-operation and Development) crypto-asset reporting framework and related amendments to the Common Reporting Standard (CRS) in Hong Kong. The OECD will publish the reporting framework in 2023, which will involve the automatic exchange of tax information related to crypto-asset transactions among partner tax jurisdictions annually, and the inclusion of new digital financial products and optimized reporting and due diligence requirements into the CRS.
The Hong Kong government plans to complete the necessary local legislative amendments by next year, aiming to automatically exchange tax information related to crypto-asset transactions with relevant partner tax jurisdictions from 2028, and to implement the newly revised Common Reporting Standards from 2029. Hong Kong will automatically exchange tax information with appropriate partners on a reciprocal basis, provided that partners meet standards related to protecting data confidentiality and security. The public is welcome to submit comments on the proposals by February 6, 2026.