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Hong Kong to Introduce OECD Crypto Asset Reporting Framework by 2028

Hong Kong plans legislation for OECD crypto asset reporting standards, aligning with global tax transparency measures to combat cross-border evasion, with public consultation ahead of 2028 implementation.

Summary

Hong Kong will submit legislation to adopt the OECD Crypto-Asset Reporting Framework and updated Common Reporting Standard amendments, aiming for automatic tax information exchange from 2028. The Financial Services and the Treasury Bureau will brief the Legislative Council’s Panel on Financial Affairs on January 30. The initiative seeks to curb cross-border tax evasion and improve transparency in crypto-related transactions, with public comments currently being collected.

Terms & Concepts
  • OECD Crypto Asset Reporting Framework: An international standard developed by the OECD for automatic exchange of tax information related to crypto assets between jurisdictions.
  • Common Reporting Standard (CRS): A global standard for the automatic exchange of financial account information between tax authorities to combat tax evasion.
  • Cross-border tax evasion: Illegal practices aimed at avoiding taxes by concealing or misreporting income or assets across different countries’ jurisdictions.