Hong Kong Aims to Enhance Crypto Asset Reporting by 2026

Hong Kong is set to complete the legislative framework for the Crypto Asset Reporting Framework (CARF) by 2026, according to a statement by Deputy Secretary for Financial Services and the Treasury, Joseph Chan, at the ACCA Hong Kong Branch's 2026 Tax Seminar. According to BlockBeats, this initiative aims to facilitate the automatic exchange of crypto asset transaction data among tax jurisdictions, thereby increasing transaction transparency. Additionally, Hong Kong plans to implement the revised Common Reporting Standard (CRS) by the Organization for Economic Co-operation and Development (OECD) by 2028 and conduct its first data exchange with participating tax jurisdictions by 2029. Chan emphasized that the implementation of CRS and CARF is crucial for strengthening Hong Kong's position as an international asset management and financial center.