Hong Kong passes crypto asset tax reporting bill, set to take effect in 2027

On November 4, according to an announcement by the Hong Kong Special Administrative Region government, the Legislative Council has passed the Inland Revenue (Amendment) (Crypto-asset Reporting Framework and Revised Common Reporting Standard) Bill 2026, which will implement the OECD's Crypto-asset Reporting Framework in Hong Kong.

The framework will take effect in 2027, requiring relevant service providers to collect prescribed information for the Hong Kong Inland Revenue Department to exchange with partner jurisdictions beginning in 2028. The Revised Common Reporting Standard will also take effect in 2028, with the Inland Revenue Department set to automatically exchange financial account information with eligible partners under the new standard starting in 2029.