Gov’t launches consultation on crypto reporting rules

The move follows plans to complete legislative amendments in 2026.

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

The move comes as the government plans to complete legislative amendments in 2026 to automate tax information exchange on crypto-asset transactions from 2028, and to implement the amended CRS from 2029.

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.

In line with this, the government proposes to introduce mandatory registration for financial institutions to enhance identification. It will also raise penalty levels and enhance enforcement.