HK Govt Begins Consultation on CARF, Tax Sharing by 2028
The post HK Govt Begins Consultation on CARF, Tax Sharing by 2028 appeared on BitcoinEthereumNews.com.
What to Know • Hong Kong begins a public consultation on CARF and CRS updates to improve crypto tax reporting.• Automatic tax data sharing for crypto transactions is targeted for 2028.• New rules aim to strengthen transparency, prevent evasion, and maintain HK’s global financial reputation. Hong Kong has launched a public consultation on adopting a new global tax reporting standard for crypto. This aims to bring the city in line with international tax standards and prepare for the automatic cross-border exchange of crypto-related tax information starting in 2028. The consultation, published on December 9 by the Financial Services and the Treasury Bureau (FSTB), outlines Hong Kong’s plan to implement the Crypto-Asset Reporting Framework (CARF) and updated rules under the Common Reporting Standard (CRS). Both frameworks were developed by the Organisation for Economic Co-operation and Development (OECD). Governments Want Crypto Assets to Have More Structure Governments can use CARF to gather and share tax information about crypto transactions. As the markets grow, tax agencies all over the world are having trouble keeping track of gains, offshore holdings, and activities that cross borders. In response, the OECD came up with CARF in 2023, and countries are now getting ready to add it to their laws. Hong Kong, already a major financial hub, says the update is necessary to keep its global reputation intact. “Our commitment to international tax cooperation is clear,” said Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury. Applying CARF and the updated CRS, he said, will help combat cross-border tax evasion and support Hong Kong’s standing as an international financial center. 2028 Exchange, 2029 Full Implementation According to the proposal, Hong Kong plans to amend its Inland Revenue Ordinance (Cap. 112) in the coming year. If approved, the crypto tax data exchange will begin in 2028,…
Filed under: News - @ December 9, 2025 11:27 am