Hong Kong Plans to Implement Crypto Asset Reporting Framework

According to Foresight News, the Hong Kong Special Administrative Region Government is conducting a public consultation on the implementation of a crypto asset reporting framework and amendments related to the Common Reporting Standard. Secretary for Financial Services and the Treasury, Christopher Hui, emphasized Hong Kong's commitment to international tax cooperation and combating cross-border tax evasion. To fulfill international obligations, the government plans to amend the Inland Revenue Ordinance (Chapter 112) to implement the reporting framework and the revised Common Reporting Standard. This initiative is crucial for maintaining Hong Kong's reputation as an international financial and business hub. The government aims to complete the necessary local legislative amendments by next year, with the goal of automatically exchanging tax information related to crypto asset transactions with relevant partner jurisdictions starting in 2028. Additionally, the new revised Common Reporting Standard is set to be implemented from 2029. Hong Kong will engage in automatic tax information exchange with suitable partners based on the principle of reciprocity, ensuring that partners meet standards related to data confidentiality and security.