Hong Kong to Enact Legislation on Crypto Asset Reporting Framework, Aiming for Completion by 2026

Odaily News: At the 2026 Annual Tax Seminar of the Hong Kong Branch of the Association of Chartered Certified Accountants (ACCA), Joseph Chan, Deputy Secretary for Financial Services and the Treasury of Hong Kong, stated that the OECD has revised the Common Reporting Standard (CRS) to include new types of digital financial products such as central bank digital currencies and has optimized reporting and due diligence requirements for financial institutions. Additionally, the OECD has released the Crypto-Asset Reporting Framework (CARF) to enable tax jurisdictions to automatically exchange information on crypto asset transactions, thereby enhancing transaction transparency. The Hong Kong Legislative Council has expressed support, with the goal of completing the legislation by 2026. (Aastocks)