Hong Kong Aims for 2028 Crypto Tax Data Sharing to Combat Evasion
Hong Kong has launched a public consultation on implementing the OECD's Crypto-Asset Reporting Framework (CARF), targeting cross-border tax evasion. The initiative, open for feedback until February 2026, seeks legislative changes by 2026 with full automatic exchange of digital asset tax data by 2028.
Financial Services Secretary Christopher Hui emphasized revisions to the Inland Revenue Ordinance to adopt CARF and updated Common Reporting Standard (CRS) rules. The MOVE aligns with global efforts to increase transparency while Hong Kong navigates Beijing's stricter stance on stablecoins.
The two-way data exchange will require partner jurisdictions to maintain strict confidentiality protocols. This positions Hong Kong to reinforce its role as a financial hub amid tightening crypto regulations worldwide.
