Hong Kong is taking another big step in tightening its crypto oversight.
The government has launched a public consultation on adopting the OECD’s Crypto-Asset Reporting Framework (CARF) and updating the Common Reporting Standard (CRS) – a move that will pull crypto transactions firmly into global tax-transparency systems.
The goal is to crack down on cross-border tax evasion and keep pace with international standards. CARF will require Hong Kong to exchange crypto-asset tax information automatically with partner jurisdictions each year.
“To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion… Hong Kong will make amendments… for implementing CARF and the newly amended CRS,” said Christopher Hui, Secretary for Financial Services and the Treasury.
The government plans to finish the necessary legal changes in 2025, begin exchanging crypto tax data in 2028, and roll out the updated CRS in 2029.
The proposal includes mandatory registration for financial institutions, enhanced reporting rules, higher penalties, and stronger enforcement. These updates follow the OECD’s ongoing peer review of Hong Kong’s CRS framework, which the city wants to maintain a strong rating in.
Only jurisdictions that meet data-security and confidentiality standards will be included in the reciprocal reporting network. Public feedback is open until February 6, 2026.
The consultation arrives at a time when Hong Kong’s regulated crypto sector is gaining momentum. HashKey Holdings, one of the city’s leading licensed platforms, has filed for an IPO and is aiming to become Hong Kong’s first publicly listed crypto exchange.
The offering includes 240.57 million shares, with a maximum price of HK$6.95 per share. HashKey says it is building a “digital asset ecosystem” covering trading, custody, and tokenization services for both retail and institutional clients.
The CARF rollout and HashKey’s listing push show where Hong Kong is headed: tighter oversight paired with a more mature, regulated digital-asset market.
CARF is a global framework requiring Hong Kong to share crypto tax info automatically with other countries to prevent tax evasion.
Hong Kong plans to begin automatic crypto tax data exchanges with other jurisdictions in 2028.
Financial institutions must register, follow stricter reporting rules, and face higher penalties under Hong Kong’s updated crypto framework.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Story Highlights The live price of the AR token is . Price predictions for 2026…
Digital Currency Group CEO Barry Silbert believes a noticeable shift could be coming inside the…
Story Highlights The live price of the WLD token is Price predictions for 2026 range…
Strategy Inc., the largest corporate holder of Bitcoin, is preparing to issue more perpetual preferred…
Story Highlights The live price of the MANA crypto token is . Price predictions for…
Story Highlights The live price of the Algorand is Price predictions suggest that ALGO has…
