• Authorities plans to allow computerized trade of tax info on crypto asset transactions with different jurisdictions
• It additionally goals to cross native regulation reforms inside a yr, start knowledge trade below CARF round 2028, and deploy a revised CRS by 2029.
• As of late 2025, the town’s licensing regime for digital asset buying and selling platforms (VATP) is changing into extra established, with a number of licensed platforms coming below the supervision of native regulators.

The Hong Kong authorities has launched a public session on the implementation of the Crypto Asset Reporting Framework (CARF) developed by the Group for Financial Co-operation and Improvement (OECD) and associated amendments to the Frequent Reporting Commonplace (CRS).

The aim is to allow the automated trade of tax info relating to crypto asset transactions with different jurisdictions. The federal government plans to cross native regulation reforms inside a yr, start knowledge trade below CARF round 2028, and roll out a revised CRS by 2029.

Monetary Providers and Treasurer Christopher Hoy mentioned the transfer confirmed the town was critical about working with different nations on taxation, whereas defending its picture because the world’s prime hub for enterprise and finance.

Associated: Hong Kong provides two new legal guidelines to its digital asset regulatory framework

The OECD has been reexamining how Hong Kong enforces its tax info sharing guidelines since final yr. To deal with the suggestions and solidify its international standing, the Hong Kong authorities is proposing new authorized reforms. The transfer would require all monetary firms to register, enhance how they confirm prospects and impose more durable penalties for non-compliance.

Hong Kong’s crypto hub push meets stricter reporting guidelines

Hong Kong has been actively working to turn out to be the go-to vacation spot for crypto buying and selling, digital funding fund administration, and associated companies. A big a part of this plan includes the introduction of official licenses for crypto exchanges and different firms working on this area.

As of late 2025, the town’s licensing regime for digital asset buying and selling platforms (VATP) is changing into extra established. There are at present a number of licensed platforms below the supervision of native regulators, with twin licensing buildings involving each the Securities and Futures Fee (SFC) and banking regulators relying on the product.

Associated: Hong Kong to ease restrictions on digital foreign money buying and selling to revitalize market exercise

Hong Kong has additionally relaxed some guidelines to permit authorized crypto exchanges to attach their buying and selling methods to abroad companion platforms. This goals to deepen the pool of obtainable patrons and sellers, generate higher costs and make the market extra accessible globally.

Nonetheless, for on a regular basis cryptocurrency customers (particularly those that ship cash overseas or use their very own pockets apps), the announcement to share crypto knowledge means much less anonymity. As soon as the system is operational, tax authorities in different nations will be capable of see knowledge on customers’ holdings and transfers of cryptocurrencies.