The Hong Kong Legislative Council is taking significant steps to bolster tax reporting for cryptoassets by 2028, a move that underscores the region's commitment to enhancing international tax transparency. As stated in the official source, this initiative is expected to have far-reaching implications for stakeholders within the crypto industry as it aims to combat tax evasion effectively.
Proposed Measures for Tax Information Exchange
The proposed measures include the establishment of an automatic exchange of tax information, which will align Hong Kong with the standards set by the Organisation for Economic Co-operation and Development (OECD). This alignment is anticipated to foster greater global collaboration in the ongoing battle against tax evasion, making it more difficult for individuals and entities to hide assets in the crypto space.
Public Commentary and Upcoming Briefing
Public commentary on the proposal is currently open until February 6, 2026, allowing stakeholders and the general public to voice their opinions and concerns. A briefing on the new Crypto Asset Reporting Framework is scheduled for January 30, where key financial officials, including:
- Secretary for Finance Christopher Hui
- Other key financial officials
They will discuss the implications of these proposals and gather feedback from the community.
In a related development, the cryptocurrency trading landscape in South Korea has seen a significant transformation, with a 70% increase in traders over the past three years. For more details, see more.
