On Friday, the draft of the amended common reporting standards amendment regulations for the Hong Kong encrypted assets declaration framework was published.

The Hong Kong government will gazette the "Inland Revenue (Amendment) (Reporting Framework for Crypto Assets and Revised Common Reporting Standards) Bill 2026" on May 22 (Friday) and submit it for the first reading in the Legislative Council on June 3 to implement the latest revisions to the crypto asset reporting framework and common reporting standards set by the OECD in Hong Kong. The digital asset market has rapidly developed in recent years, and in 2023, the OECD announced a reporting framework that allows tax jurisdictions to automatically exchange tax information related to crypto asset transactions each year, and incorporates digital financial products and optimized reporting and due diligence requirements into the common reporting standards. Paul Chan Mo-po, Secretary for Financial Services and the Treasury of Hong Kong, said that Hong Kong has always supported efforts to enhance tax transparency internationally and combat cross-border tax evasion. To fulfill international obligations and cooperate with international efforts to combat cross-border tax evasion, it is proposed to amend the Inland Revenue Ordinance (Chapter 112) to implement the reporting framework and revised common reporting standards, which are crucial to safeguarding Hong Kong's reputation as an international financial and business center. He noted that the reporting framework will be implemented from next year. Crypto asset service providers with reporting obligations in Hong Kong will need to register with the tax authorities, conduct due diligence, submit reports, and keep relevant records. Considering the progress of relevant tax jurisdictions, the government plans to automatically exchange tax information related to crypto asset transactions with them from 2028 and implement the revised common reporting standards in the same year. Hong Kong will exchange tax information automatically with suitable partners based on mutual confidentiality and security, ensuring data protection. The Hong Kong government conducted a public consultation from December 2025 to February this year, and stakeholders including professional bodies, the financial sector, and the crypto asset industry generally supported the legislative proposals mentioned above. The government has taken into account their feedback on the implementation details when drafting the bill.