Hong Kong Implements Crypto-Asset Reporting Framework

The Hong Kong Inland Revenue Department announced that the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 was published on May 22, 2026 and would be introduced into the Legislative Council on  June 3, 2026 for approval.

By amending the Inland Revenue Ordinance (Cap. 112) for implementing Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS), the jurisdiction aims to carry out its international obligations and support international efforts in combating cross-border tax evasion.

The Inland Revenue Department clarifies that CARF will be implemented next year. Crypto-asset service providers with reporting nexus with Hong Kong will be required to register with the Inland Revenue Department and fulfill requirements on due diligence, return filing and record keeping. Subject to the implementation progress of the relevant jurisdictions, automatic exchange of tax information on crypto-asset transactions will start in 2028, and the amended CRS will be implemented in the same year. Hong Kong will implement the automatic exchange of tax information with partners on the basis of data confidentiality and reciprocity.

Press release