The Government today launched a public consultation on locally implementing the Organisation for Economic Co-operation & Development’s (OECD) new Crypto-Asset Reporting Framework (CARF) and amendments to the OECD’s Common Reporting Standard (CRS).

Since 2018, Hong Kong has exchanged financial account information with partner jurisdictions automatically on annual basis, in accordance with the CRS, enabling tax authorities to use the information for tax assessments, and to detect and combat cross-border tax evasion.

In light of the rapid development of digital asset markets, the OECD published CARF in 2023. It provides for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions on an annual basis, and incorporated into the CRS new digital financial products and enhanced requirements regarding reporting and due diligence.

Secretary for Financial Services & the Treasury Christopher Hui said: “To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance for implementing CARF and the newly amended CRS.

“This is also of paramount importance in maintaining Hong Kong's reputation as an international financial and commercial centre.”

The Government plans to complete the necessary legislative amendments in 2026, so as to commence the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions from 2028, and to implement the newly amended CRS from 2029.

Additionally, since last year, the OECD has been conducting the second round of a peer review on the effectiveness of Hong Kong’s administrative framework for implementing the CRS.

Having taken into consideration the OECD’s views, the Government proposes to introduce mandatory registration for financial institutions to enhance identification. It will also raise penalty levels and enhance enforcement by amending the relevant legislation.

This is being done to maintain a favourable rating in the OECD’s peer reviews and maintain Hong Kong’s reputation as an international financial and commercial centre, the Government said.

Views on the proposals can be posted to 24/F, Central Government Offices, 2 Tim Mei Avenue, or emailed, by February 6, 2026.