Hong Kong to Legislate on Crypto Asset Reporting Framework, Aiming for Completion by 2026
On March 31, Chan Ho-lam, Deputy Secretary for Financial Services and the Treasury of Hong Kong, stated at the 2026 Annual Tax Seminar of the Association of Chartered Certified Accountants (ACCA) Hong Kong that the OECD has revised the Common Reporting Standard (CRS) to include new digital financial products such as central bank digital currencies, and has optimized reporting and due diligence requirements for financial institutions. Additionally, the OECD has released the Crypto Asset Reporting Framework (CARF) to enable tax jurisdictions to automatically exchange information on crypto asset transactions to enhance transaction transparency. The Hong Kong Legislative Council has expressed support for the aim of completing the legislation by 2026.
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