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Hong Kong Launches Public Consultation on Amendments Related to the Implementation of Cryptocurrency Asset Reporting Framework and Common Reporting Standard
BlockBeats News, December 9th, the Hong Kong Special Administrative Region Government today launched a public consultation on the implementation of the Cryptocurrency Asset Reporting Framework issued by the Organization for Economic Co-operation and Development (OECD) in Hong Kong and revisions related to the Common Reporting Standard. The OECD announced the reporting framework in 2023, and partner tax jurisdictions will automatically exchange tax information related to cryptocurrency transactions annually, as well as incorporate new digital financial products and enhanced reporting and due diligence requirements into the Common Reporting Standard.
The Hong Kong government plans to complete the necessary local legislative amendments within the next year, with the goal of automatically exchanging tax information related to cryptocurrency transactions with relevant partner tax jurisdictions from 2028 and implementing the newly revised Common Reporting Standard from 2029. Hong Kong will exchange tax information automatically with suitable partners based on the principle of reciprocity, and partners must meet standards related to safeguarding the confidentiality and security of the information. The public is invited to submit comments on the various proposals by February 6, 2026.
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