Hong Kong Advances Crypto Tax Transparency
Hong Kong's Financial Secretary announced plans to submit legislative proposals to the Legislative Council this year to implement the OECD's Crypto Asset Reporting Framework and amendments to the Common Reporting Standard.
This initiative aims to establish automatic exchange of crypto-related tax information with other jurisdictions starting in 2028, strengthening international cooperation against cross-border tax evasion.
Stablecoins and Crypto Regulation Progressing
Additionally, Hong Kong's Monetary Authority is processing stablecoin licensing applications. The Financial Secretary's Office and Securities and Futures Commission are also finalizing regulations for crypto trading and custody service providers.
- Crypto tax data will be automatically shared across borders
- Legislative proposals coming to council review this year
- 2028 marks critical implementation timeline
- Monetary Authority advancing stablecoin licensing
- Crypto service regulations continuing to evolve
These measures demonstrate Hong Kong's proactive approach to building a compliant and transparent digital asset ecosystem, enhancing its position as a global financial hub in the digital economy era.