Hong Kong, China passes crypto-asset tax reporting bill, to implement CARF from next year, with information exchange starting in 2028.

November 4: The Hong Kong SAR Government welcomes the Legislative Council's passage today of the Inland Revenue (Amendment) Bill 2026, which implements in Hong Kong the Crypto-Asset Reporting Framework (CARF) developed by the OECD and the amended Common Reporting Standard (CRS). The Hong Kong government said CARF will be implemented in Hong Kong next year, and relevant service providers must collect specified information in accordance with the framework, with the Inland Revenue Department automatically exchanging tax information on crypto-asset transactions with partner jurisdictions starting from 2028. The amended CRS will also take effect in 2028, and the Inland Revenue Department will automatically exchange financial account information under the new standard starting from 2029.

Hong Kong Financial Secretary Hui Ching-yu said that implementing the latest international automatic exchange of information standards will help consolidate Hong Kong's reputation as an international financial and commercial center and enhance the confidence of crypto-asset service providers, financial institutions, and digital asset users in operating and making long-term investments in Hong Kong. Hong Kong will conduct information exchange on the premise of reciprocity, data confidentiality, and security. The Inland Revenue Department will issue guidance and set up a dedicated team to provide technical support and answer questions for the industry.