Hong Kong to Exchange Crypto Data to Combat Tax Evasion

The Hong Kong government announced plans to join crypto‑asset information exchanges to combat fraud and tax evasion. Finance Minister Christopher Hui said the OECD Crypto-Asset Reporting Framework (CARF) will be adopted, with automatic data exchange targeted for 2028. The announcement was made on 10 December 2025.

CARF, an OECD reporting framework released in 2023, expands the Common Reporting Standard (CRS) to cover digital financial products. Hong Kong opened a public consultation until 6 February 2026 to gather feedback on tax‑law revisions and CARF implementation. Legislative changes are expected in 2026, while the updated CRS will take effect in 2029.

When implemented, automatic crypto‑asset data exchange with partner jurisdictions will improve transparency for taxpayers and aid authorities in detecting tax avoidance. Crypto‑related businesses will need to comply with the new reporting standards from 2028 onward. The move reinforces Hong Kong’s role as a global financial hub committed to international standards.