The Hong Kong government plans to automatically exchange tax information related to cryptocurrency transactions with cooperating tax jurisdictions starting in 2028

According to a press release from the Hong Kong government, the Hong Kong government has launched a public consultation on the implementation of the reporting framework for crypto assets and the revised Common Reporting Standard (CRS) issued by the Organisation for Economic Co-operation and Development (OECD).

The government plans to complete local legislative amendments within the next year, aiming to automatically exchange tax information related to crypto asset transactions with cooperating tax jurisdictions starting in 2028, and to implement the newly revised Common Reporting Standard from 2029. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that this move aims to demonstrate Hong Kong's commitment to promoting international tax cooperation and combating cross-border tax evasion, which is crucial for maintaining Hong Kong's reputation as an international financial center. The OECD announced this reporting framework in 2023, allowing cooperating tax jurisdictions to automatically exchange tax information related to crypto asset transactions annually. Since 2018, Hong Kong has been exchanging financial account information with partners according to the OECD's Common Reporting Standard. The public can submit their opinions on the relevant proposals before February 6, 2026.