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Hong Kong Begins Consultation on OECD Crypto Tax Reporting Framework

Hong Kong Begins Consultation on OECD Crypto Tax Reporting Framework

Hong Kong’s consultation on CARF and updated CRS seeks to align with OECD standards, aiming for cross-border crypto tax data sharing starting 2028 and broader financial transparency reforms by 2029.

Summary

Hong Kong has opened a public consultation to implement the OECD’s Crypto Asset Reporting Framework (CARF) and revise its Common Reporting Standard (CRS) to counter cross-border tax evasion. The initiative will enable the automatic exchange of cryptocurrency tax-related data with other jurisdictions beginning in 2028, followed by updated financial reporting standards in 2029. The consultation period runs until February 6, 2026, inviting public and stakeholder input.

Terms & Concepts
  • OECD Crypto Asset Reporting Framework (CARF): An OECD standard for the automatic exchange of tax information related to crypto assets between participating jurisdictions.
  • Common Reporting Standard (CRS): A global system for the automatic exchange of financial account information between tax authorities to improve tax transparency.