PANews reported on December 9 that the Hong Kong government has launched a public consultation to amend the Inland Revenue Ordinance to implement the crypto asset reporting framework and the newly revised Common Reporting Standards established by the Organisation for Economic Co-operation and Development (OECD). This move aims to enhance tax transparency, combat cross-border tax evasion, and solidify Hong Kong's position as an international financial and business center.
According to the plan, Hong Kong will automatically exchange tax data related to crypto asset transactions with relevant tax jurisdictions starting in 2028, and implement a newly revised Common Reporting Standard from 2029. In addition, the government proposes mandatory registration of financial institutions, increased penalties, and optimized enforcement mechanisms to address the OECD's second round of assessments of Hong Kong's administrative framework starting in 2024.
The public can submit their comments by mail or email before February 6, 2026. Detailed information can be found on the Financial Services and the Treasury Bureau's website.
