Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 to be gazetted

# Legislative Timeline and Procedural Schedule

On 20 May 2026, the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 will be gazetted on 22 May and introduced into the Legislative Council for first reading on 3 June.

# Regulatory Objectives and OECD Alignment

The Bill aims to implement the Crypto-Asset Reporting Framework ("CARF") and the latest amendments to the Common Reporting Standard ("CRS") developed by the Organisation for Economic Co-operation and Development ("OECD") in Hong Kong, following the OECD publication of CARF in 2023 to address rapid digital asset market development through annual automatic tax information exchange.

# Compliance Obligations and Implementation Schedule

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, indicated that CARF will be implemented next year, requiring crypto-asset service providers with a Hong Kong reporting nexus to register with the Inland Revenue Department ("IRD") for due diligence, return filing, and record-keeping, with the automatic exchange of tax information commencing in 2028 alongside the amended CRS, subject to the implementation progress of relevant jurisdictions.

# Public Consultation and Industry Support

Following a public consultation between December last year and February this year, stakeholder views were incorporated into the Bill, and the IRD will issue relevant guidance, provide technical support, and address enquiries to assist the industry in adapting to the new requirements.

# Existing Tax Transparency Framework

Since 2018, Hong Kong has been conducting automatic exchange of financial account information with partner jurisdictions on an annual basis in accordance with the CRS developed by the OECD, enabling tax authorities to assess their tax residents, detect, and combat tax evasion.