WuBlockchain
Hong Kong's Legislative Council passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on November 4. Crypto-asset service providers must begin collecting transaction information in 2027, with automatic exchanges of crypto-related tax information with partner jurisdictions starting in 2028.
Why it matters
The law implements the OECD's Crypto-Asset Reporting Framework, placing Hong Kong within a broader international effort to improve tax transparency and address cross-border evasion. Financial Services and the Treasury Secretary Christopher Hui said the legislation is intended to strengthen that transparency.
Market impact
The timetable gives service providers a defined period to prepare for data collection and reporting. Separately, the amended Common Reporting Standard takes effect in 2028, with automatic exchanges of financial account information under the updated standard beginning in 2029.
Source: [Government welcomes passage of Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026](https://www.info.gov.hk/gia/general/202611/04/P2026110400310.htm)
Frequently asked questions
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When must Hong Kong crypto-asset service providers begin collecting transaction information?
The law requires relevant crypto-asset service providers to begin collecting transaction information in 2027.
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When will Hong Kong begin exchanging crypto-related tax information with partner jurisdictions?
Hong Kong is set to begin automatic exchanges of crypto-related tax information with partner jurisdictions in 2028.
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Which international framework does Hong Kong's new law implement?
The law implements the OECD's Crypto-Asset Reporting Framework, known as CARF.
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When does the amended Common Reporting Standard take effect in Hong Kong?
The amended Common Reporting Standard takes effect in 2028. Automatic exchanges under the updated standard begin in 2029.
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What aims did Hong Kong officials give for the legislation?
Financial Services and the Treasury Secretary Christopher Hui said the legislation aims to strengthen international tax transparency and combat cross-border tax evasion.
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