Hong Kong Treasury Bureau: Implement Cryptocurrency Asset Reporting Framework, Advance Automatic Exchange of Tax Information for Cross-Border Cryptocurrency Asset Transactions by 2028

According to information disclosed on the official website of the Legislative Council's Financial Affairs Committee, the Hong Kong Financial Services and the Treasury Bureau will provide a briefing on policy measures. Officials including Secretary Christopher Hui and Deputy Secretary Joseph Chan 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 its status as an international financial center, legislative proposals will be submitted to the Legislative Council this year to implement the Crypto-Asset Reporting Framework and related amendments to the Common Reporting Standard developed by the Organisation for Economic Co-operation and Development. The goal is to commence automatic exchange of tax information related to cryptocurrency asset transactions with other tax jurisdictions starting in 2028, in order to combat cross-border tax evasion and enhance international tax transparency. Public consultation on the legislative proposals is currently underway.