Hong Kong Passes Law Requiring Crypto Exchanges to Report…
By Abdelaziz Fathi
AI summary of the source article
Hong Kong passed legislation implementing the OECD's Crypto-Asset Reporting Framework. Starting January 1, 2027, covered crypto service providers must collect customer and transaction data, with automatic tax information exchanges with participating jurisdictions beginning in 2028.
Why it matters
The framework forms part of a wider international effort to reduce gaps created when crypto assets fall outside traditional financial-account reporting systems.
Key facts
- Hong Kong's Legislative Council passed an Inland Revenue amendment on November 4 implementing CARF and updates to the Common Reporting Standard.
- From January 1, 2027, crypto-asset service providers with a Hong Kong reporting nexus must conduct due diligence, keep records, and report customer and transaction data.
- The Inland Revenue Department will begin exchanging CARF data reciprocally with participating foreign tax authorities in 2028.
Source excerpt · FinanceFeeds
Hong Kong Sets 2027 Crypto Tax Reporting Rules Hong Kong has passed legislation requiring crypto exchanges and other covered service providers to collect detailed customer and transaction information from 2027, with the data set to enter automatic exchanges with overseas tax authorities from 2028. The Legislative Council passed the Inland Revenue amendment on November 4, implementing the Organisat…