Hong Kong Government Launches Public Consultation on Exchanging Financial Account & Tax Information on Crypto Assets to Implement Crypto-Asset Reporting Framework (CARF) in Relation to OECD Common Reporting Standard (CRS), Target to Start Exchanging Information with Partner Jurisdiction in 2028 & Newly Amended Common Reporting Standard (CRS) in 2029
10th December | Hong Kong
The Hong Kong Government has launched a public consultation on exchanging financial account & tax information on crypto assets to implement Crypto-Asset Reporting Framework (CARF) in relation to OECD Common Reporting Standard (CRS), targeting to start exchanging information with partner jurisdiction in 2028 & the newly amended Common Reporting Standard (CRS) in 2029. Announcement (9/12/25): “The Government today (December 9) launched a public consultation on the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong. Hong Kong has long been supportive of international efforts to enhance tax transparency and combat cross-border tax evasion. Since 2018, Hong Kong has been exchanging financial account information automatically with partner jurisdictions on an annual basis in accordance with the CRS developed by the OECD, which enables the relevant tax authorities to utilise such information for tax assessments, as well as for detecting and combating tax evasion. In light of the rapid development of digital asset markets in recent years, in 2023, the OECD published CARF to provide for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions on an annual basis, and incorporated into the CRS new digital financial products and enhanced requirements regarding reporting and due diligence … … In addition, since 2024, the OECD has been conducting the second round of a peer review on the effectiveness of Hong Kong’s administrative framework for implementing the CRS. Having taken into consideration the OECD’s views, the Government proposes, through amendments to the Ordinance, to introduce mandatory registration for financial institutions to enhance identification, as well as to raise the penalty levels and enhance the enforcement mechanism, in order to maintain a favourable rating in the OECD’s peer reviews and maintain Hong Kong’s reputation as an international financial and commercial centre. The consultation paper is available on the website of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/tb/en/others/consultation.htm). It outlines CARF and the newly amended CRS promulgated by the OECD, and sets out in detail the abovementioned legislative proposals and relevant implementation matters (including reporting procedures, record-keeping requirements, penalty levels and enforcement, etc). Members of the public are welcome to forward their views on the proposals by post (24/F, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong) or email ([email protected]) by February 6, 2026.”
“ Hong Kong Government Launches Public Consultation on Exchanging Financial Account & Tax Information on Crypto Assets to Implement Crypto-Asset Reporting Framework (CARF) in Relation to OECD Common Reporting Standard (CRS), Target to Start Exchanging Information with Partner Jurisdiction in 2028 & Newly Amended Common Reporting Standard (CRS) in 2029 “
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The Secretary for Financial Services and the Treasury, Mr Christopher Hui: ”To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance (Cap. 112) (the Ordinance) for implementing CARF and the newly amended CRS. This is also of paramount importance in maintaining Hong Kong’s reputation as an international financial and commercial centre … … The Government plans to complete the necessary local legislative amendments in the coming year, with a view to commencing the automatic exchange of tax information on crypto-asset transactions with relevant partner jurisdictions starting from 2028, and implementing the newly amended CRS starting from 2029. Hong Kong will implement the automatic exchange of tax information with suitable partners, which are required to meet the standards relating to the protection of data confidentiality and security, on a reciprocal basis.”
Hong Kong Government Launches Public Consultation on Exchanging Financial Account & Tax Information on Crypto Assets to Implement Crypto-Asset Reporting Framework (CARF) in Relation to OECD Common Reporting Standard (CRS), Target to Start Exchanging Information with Partner Jurisdiction in 2028 & Newly Amended Common Reporting Standard (CRS) in 2029
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