Hong Kong Financial Services and the Treasury Bureau Policy Briefing: Implementing the Crypto Asset Reporting Framework and Promoting Automatic Exchange of Tax Information on Cross-Border Crypto Asset

PANews reported on January 28 that the Hong Kong Legislative Council's Finance Committee announced a briefing on January 30. The Financial Services and the Treasury Bureau will present policy measures, with Secretary for Finance Christopher Hui and Deputy Secretary for Finance Chan Ho-lim in attendance. The relevant documents indicate that, to promote the sustainable and healthy development of the digital asset industry in Hong Kong and further consolidate Hong Kong's status as an international financial center, a legislative proposal will be submitted to the Legislative Council this year to implement revisions to the OECD's crypto-asset reporting framework and common reporting standards. The goal is to automatically exchange tax information related to crypto-asset transactions with other tax jurisdictions from 2028 onwards, in order to combat cross-border tax evasion and improve international tax transparency. Public comments are currently being collected on the legislative proposal.