Hong Kong Passes Crypto Reporting Bill, CARF Starts In 2027
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Hong Kong’s Legislative Council passed legislation adopting the OECD’s Crypto-Asset Reporting Framework (CARF), with the new information-collection regime set to take effect in 2027. The bill requires crypto service providers to collect and report taxpayer data on crypto-asset transactions to tax authorities, aligning Hong Kong with the OECD’s global push for automatic exchange of crypto tax information. The move matters because it brings the territory’s virtual-asset sector into the same transparency framework already being adopted by major jurisdictions, raising compliance obligations for exchanges and custodians operating there. What to watch next is how Hong Kong’s Inland Revenue Department implements reporting mechanics and whether local platforms adjust onboarding and data-collection processes ahead of the 2027 start date.
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Hong Kong, OECD, Crypto-Asset Reporting Framework, Legislative Council