Hong Kong: Plans to automatically exchange tax information related to crypto asset transactions with relevant partner tax jurisdictions starting in 2028.

The Hong Kong Special Administrative Region Government has launched a public consultation on the implementation of a reporting framework for crypto assets and related amendments to the Common Reporting Standard (CTS). Secretary for Financial Services and the Treasury Christopher Hui stated that, to demonstrate Hong Kong's commitment to promoting international tax cooperation and combating cross-border tax evasion, and to fulfill its international obligations, the Government will amend the Inland Revenue Ordinance (Chapter 112) (the Ordinance) to implement the reporting framework and the newly revised CTS. This measure is also crucial to maintaining Hong Kong's reputation as an international financial and business center. The Government plans to complete the necessary local legislative amendments by next year, with the goal of automatically exchanging tax information related to crypto asset transactions with relevant partner tax jurisdictions from 2028, and implementing the newly revised CTS from 2029. Hong Kong will automatically exchange tax information with appropriate partners on a reciprocal basis, provided that the partners meet standards related to protecting information confidentiality and security.