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Hong Kong to Submit Virtual Asset Trading, Custody, Advisory and Management Legislation; OECD Crypto Reporting by 2028

According to Hong Kong’s Financial Services and the Treasury Bureau and the SFC, legislation covering trading, custody, advisory, and management is planned this year, with OECD crypto-asset tax reporting standards targeted by 2028.

Summary

On Jan. 30, Hong Kong’s Financial Services and the Treasury Bureau and the Securities and Futures Commission announced plans to submit legislation this year regulating virtual asset trading, custody, advisory, and management services. Authorities also aim to implement the OECD’s crypto-asset reporting standards for automatic tax information exchange by 2028. The update broadens the regulatory scope beyond trading and custody to include advisory and asset management.

Terms & Concepts
  • Securities and Futures Commission (SFC): Hong Kong’s markets regulator overseeing securities, futures, and the city’s virtual asset regulatory regime.
  • OECD crypto-asset reporting standards: A global framework to automatically exchange tax-relevant information on crypto-asset transactions among jurisdictions.
  • Virtual asset custody services: Third-party services that safeguard clients’ digital assets, including secure storage, keys management, and related controls.