Hong Kong Treasury Bureau: Implementing Crypto Asset Reporting Framework, Advancing Automatic Exchange of Cross-Border Crypto Asset Transaction Tax Information by 2028

Odaily News According to the official website of the Hong Kong Legislative Council's Financial Affairs Committee, the Hong Kong Financial Services and the Treasury Bureau will provide a briefing on policy measures. Secretary Christopher Hui and Deputy Secretary Joseph Chan, among others, will attend the briefing. The relevant document states: To promote the sustainable and healthy development of the digital asset industry in Hong Kong and further consolidate Hong Kong's status as an international financial center, legislative proposals will be submitted to the Legislative Council this year to implement the Crypto-Asset Reporting Framework (CARF) and related amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD). The goal is to commence automatic exchange of tax information related to crypto-asset transactions with other tax jurisdictions starting from 2028, in order to combat cross-border tax evasion activities and enhance international tax transparency. Public consultation on the legislative proposals is currently being conducted.