HK aims to share tax info on crypto transactions with partners from 2028: Hui

Hong Kong aims to commence the automatic exchange of tax information on crypto-asset transactions with relevant partner jurisdictions starting from 2028, according to authorities.

The government has launched a public consultation on the implementation of the Crypto-Asset Reporting Framework and amendments in relation to the Common Reporting Standard promulgated by the Organisation for Economic Co-operation and Development in Hong Kong.

The framework published in 2023 was prompted by the rapid development of digital asset markets in recent years and is incorporated into the CRS new digital financial products and enhanced requirements regarding reporting and due diligence.

The SAR plans to complete the necessary local legislative amendments in the coming year and implement the newly amended CRS starting from 2029, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

The city will make amendments to the Inland Revenue Ordinance (Cap. 112) for implementing the new rules to demonstrate its commitment to promoting international tax co-operation and combating cross-border tax evasion, Hui said, adding that this is also of paramount importance in maintaining the territory’s reputation as an international financial and commercial center.