Hong Kong LegCo passes CARF and revised CRS bill, crypto tax information exchanges to begin in 2028

November 4: According to a press release from the Hong Kong SAR Government, the Legislative Council passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Revised Common Reporting Standard) Bill 2026, implementing the Crypto-Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD). CARF will take effect in Hong Kong in 2027, with relevant service providers required to collect specified information, which the Inland Revenue Department will exchange with partner tax jurisdictions starting in 2028. The revised CRS takes effect in 2028, and the Inland Revenue Department will automatically exchange financial account information under the new standard starting in 2029. The Inland Revenue Department will issue guidance and has set up a dedicated team to provide technical support.