Hong Kong, China will implement the cryptocurrency asset tax declaration bill starting in 2027

The Hong Kong Special Administrative Region Government welcomes the Legislative Council's passage of the "2026 Taxation (Amendment) Bill" to implement the OECD's Crypto Asset Reporting Framework (CARF) in Hong Kong, as well as the revised Common Reporting Standard (CRS). The Hong Kong government stated that CARF will be implemented in Hong Kong next year, and relevant service providers must collect specified information according to the framework. The tax authority will automatically exchange tax information on crypto asset transactions with partner jurisdictions starting in 2028. The revised CRS will also take effect in 2028, with the tax authority automatically exchanging financial account information according to the new standards starting in 2029.

The Financial Secretary of Hong Kong, Paul Chan, stated that implementing the latest international automatic exchange of information standards will help consolidate Hong Kong's reputation as an international financial and business center and enhance the confidence of crypto asset service providers, financial institutions, and digital asset users in operating and investing in Hong Kong for the long term. Hong Kong will conduct information exchanges on the basis of reciprocity, data confidentiality, and security. The tax authority will issue guidelines and establish a dedicated team to provide technical support and answer questions for the industry.