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Hong Kong SAR ChinaInland Revenue Department

Hong Kong passes law for crypto-asset reporting and new CRS

LegCo passed the CARF/amended-CRS Bill on 4 November: provider collection from 2027 with first exchanges in 2028, and amended CRS effect in 2028 with first exchanges in 2029.

By Taxxa AI OyPublished 5 November 2026

Tax

Industry: Financial and insurance activities

The Legislative Council has passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026IRD, implementing the OECD Crypto-Asset Reporting Framework and the latest amendments to the Common Reporting Standard for automatic exchange of tax informationIRD.

The Bill passed on 4 November 2026IRD. It responds to the rapid development of digital asset markets: the OECD published the Crypto-Asset Reporting Framework in 2023 to provide for annual automatic exchange of tax information on crypto-asset transactions with partner jurisdictions, and amended the Common Reporting Standard to cover digital financial products and strengthen reporting and due diligence. Hong Kong has conducted annual automatic exchange of financial account information under the Common Reporting Standard since 2018.

The Crypto-Asset Reporting Framework will be implemented in Hong Kong next yearIRD, with relevant service providers required to collect the specified information for the Inland Revenue Department to exchange with partner jurisdictions starting from 2028IRD. The amended Common Reporting Standard will take effect in 2028IRD, with automatic exchange of financial account information under the new standard starting from 2029IRD. Exchanges will be conducted on a reciprocal basis and on the premise of data confidentiality and security.

For the amended Common Reporting Standard, Part 8A of and Schedules 17C and 17D to the Inland Revenue Ordinance will be amended. Digital money products, including central bank digital currencies and specified electronic money products, derivatives referencing relevant crypto-assets, and investment entities investing in relevant crypto-assets come within scope. Reporting financial institutions must report additional information on account holders, controlling persons and accounts, including whether valid self-certification was obtained for each reportable person, the roles of controlling persons or equity interest holders, whether accounts are pre-existing or new, joint-account status and the number of joint holders, and the account type. Due diligence rules are refined, including anti-money-laundering and know-your-customer standards for new entity accounts, an expanded definition of excluded accounts covering capital contribution accounts, and a requirement for holders to self-certify all jurisdictions of tax residence.

To prevent dual reporting, gross proceeds from the sale or redemption of financial assets including relevant crypto-assets reported by an institution that is both a reporting financial institution and a reporting crypto-asset service provider go under the Crypto-Asset Reporting Framework; the institution need not repeat them under the amended Common Reporting Standard, though it may elect to report under both. The Government said aligning with the latest standards for automatic exchange is crucial to Hong Kong's standing as an international financial and commercial centre and will reinforce the confidence of crypto-asset service providers, financial institutions and digital asset users in operating and investing long term in Hong Kong.

To help the industry adapt and enhance tax certainty, the Inland Revenue Department will issue guidance and has set up a dedicated team to provide technical support and handle enquiries.

Legal basis: Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, amending Part 8A of and Schedules 17C and 17D to the Inland Revenue Ordinance; OECD Crypto-Asset Reporting Framework (2023) and amended Common Reporting Standard.

Crypto-asset service providers and reporting financial institutions operating in Hong Kong should map their accounts and transactions against the CARF and amended CRS scopes now and build collection and due-diligence processes for the 2027 and 2028 start dates, using the Inland Revenue Department's guidance and dedicated support team.

Sources