The Hong Kong SAR government has launched a public consultation on implementing the OECD’s Crypto Asset Reporting Framework in Hong Kong and on revisions to the Common Reporting Standard. The measure seeks to align local tax practice with international norms for digital assets and improve cross-border compliance.

Since its 2023 disclosure, the OECD framework mandates automated annual information exchanges of crypto-related tax data across partner jurisdictions and broadens CRS reporting and due diligence for new digital financial products.

HK aims to pass local amendments within 12 months, with automatic crypto tax information exchanges with eligible partners starting in 2028 and the revised CRS in 2029, based on reciprocity and strict confidentiality and security standards. Public commentary may be submitted until February 6, 2026.