The Hong Kong government is conducting public consultation on implementing a cryptocurrency declaration framework and new revised common reporting standard.

The Hong Kong SAR government has launched a public consultation on the implementation of the OECD's revised framework for reporting encrypted assets and related common reporting standards in Hong Kong. The authorities plan to complete the necessary legislative revisions within the next year, with the aim of automatically exchanging tax information related to encrypted asset transactions with partner tax jurisdictions from 2028 onwards, and implementing the new revised common reporting standards from 2029. Paul Chan, Financial Secretary of the Hong Kong Financial Services and the Treasury Bureau, stated that the Hong Kong government will amend the Inland Revenue Ordinance (Chapter 112) to implement the reporting framework and the new revised common reporting standards, which are crucial for maintaining Hong Kong's reputation as an international financial and business center. Since 2018, Hong Kong has been exchanging financial account information with partner tax jurisdictions annually in accordance with the common reporting standards set by the OECD, allowing tax authorities to use such information for tax assessments, as well as for investigating and combating tax evasion. With the rapid growth of the digital asset market in recent years, the OECD announced a reporting framework in 2023 for exchanging tax information related to encrypted asset transactions with partner tax jurisdictions annually, and incorporating new digital financial products and enhanced reporting and due diligence requirements into the common reporting standards. The Hong Kong government has proposed amending the regulations to require mandatory registration of financial institutions for reporting purposes to enhance identification, increase penalties, and optimize enforcement mechanisms in order to maintain a good rating in mutual evaluations among OECD members and strengthen Hong Kong's reputation as an international financial and business center.