Hong Kong Lawmakers Pass Crypto Tax Reporting Bill Weeks Before 2027 Data Collection Begins
By Unchained
AI summary of the source article
Hong Kong's Legislative Council passed a bill incorporating the OECD's Crypto-Asset Reporting Framework into its tax law. Crypto service providers must begin collecting required user data in 2027, with international data sharing starting in 2028.
Why it matters
Christopher Hui stated adopting the standards is “crucial to maintaining Hong Kong’s reputation as an international financial and commercial centre” and “will reinforce the confidence of crypto-asset service providers, financial institutions and digital asset users in operating and making long-term investments in Hong Kong.”
Key facts
- Hong Kong crypto service providers must start gathering user data under CARF in 2027, with data sharing beginning in 2028.
- The legislation also adopts the OECD's updated Common Reporting Standard, applying from 2028 with initial exchanges in 2029.
- Covered entities include exchanges, brokers, dealers, and crypto ATM operators with a Hong Kong nexus.
Source excerpt · Unchained
The vote writes the OECD's Crypto-Asset Reporting Framework into Hong Kong law, so service providers will start gathering user information next year for cross-border sharing from 2028. The post Hong Kong Lawmakers Pass Crypto Tax Reporting Bill Weeks Before 2027 Data Collection Begins appeared first on Unchained .