Key Notes
- Hong Kong begins public consultation on adopting OECD’s CARF and updating CRS.
- Automatic cross-border crypto tax reporting planned for 2028.
- New rules arrive as Hong Kong’s regulated crypto sector accelerates growth.
The Hong Kong government has opened a public consultation on adopting the OECD’s Crypto-Asset Reporting Framework (CARF) and updating the long-standing Common Reporting Standard (CRS). This comes as the city aims to integrate cryptocurrencies into global tax-transparency systems and cross-border financial reporting.
Officials say the initiative would introduce automatic exchange of crypto-related tax data between Hong Kong and eligible partner jurisdictions from 2028. The full implementation is expected the following year.
The Hong Kong government has launched a public consultation on revisions to the Crypto Asset Reporting Framework (CARF) and the Common Reporting Standard (CRS). The goal is to automatically exchange tax information related to crypto asset transactions with appropriate partner tax…
— Wu Blockchain (@WuBlockchain) December 9, 2025
The plan is under a broader effort to strengthen the city’s reputation as a compliant, well-regulated international finance hub. The consultation period remains open until February 6, 2026.
Strengthening Compliance and Information Sharing
Christopher Hui, Secretary for Financial Services and the Treasury, said the proposed update reinforces Hong Kong’s commitment to international tax cooperation.
Under the proposal, financial institutions will face stricter reporting obligations, mandatory registration requirements, and stronger enforcement mechanisms. The authorities are also considering higher penalties for violations.
These changes follow an ongoing OECD peer review of Hong Kong’s CRS framework. Notably, The OECD (Organisation for Economic Co-operation and Development) is an intergovernmental economic forum with 38 member countries.
It promotes policies for economic growth, prosperity, and sustainable development through data, analysis, and best practices in public policy.
Crypto Market Growth in Hong Kong
The push for updated regulations comes as Hong Kong’s crypto market gains renewed momentum. HashKey Holdings, one of the city’s leading licensed crypto platforms, has filed for an IPO.
The listing date is set for Dec. 17. If listed successfully, HashKey will become Hong Kong’s first publicly traded crypto exchange.
The city is also drawing interest from regional players. In November, a Bloomberg report claimed that Bitkub, a major Thai exchange, was exploring a $200 million funding round with plans for an IPO in Hong Kong by 2026.
It reportedly chose the city over Thailand due to its stronger regulatory outlook.
Meanwhile, Hong Kong’s securities regulator recently signaled plans to relax certain restrictions for crypto trading platforms. The regulator is preparing to allow regulated platforms to share global order books with overseas affiliates.
This could improve liquidity and align local markets with international trading flows.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
