Hong Kong passes crypto tax reporting law with new rules starting in 2027

cryptonews11-04 18:56

Hong Kong has passed a new crypto tax reporting law that will require digital asset service providers to collect transaction information from 2027 and allow authorities to share the data with overseas...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong passes crypto tax reporting law with new rules starting in 2027\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-11-04 18:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/hong-kong-passes-crypto-tax-reporting-law-with-new-rules-starting-in-2027/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong has passed a new crypto tax reporting law that will require digital asset service providers to collect transaction information from 2027 and allow authorities to share the data with overseas...</p>\n\n<a href=\"https://crypto.news/hong-kong-passes-crypto-tax-reporting-law-with-new-rules-starting-in-2027/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BITQ","symbol_name":"Bitwise Crypto Industry Innovators ETF","start_time":0,"source_url":"https://crypto.news/hong-kong-passes-crypto-tax-reporting-law-with-new-rules-starting-in-2027/","article_id":"2680103226","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/hong-kong-passes-crypto-tax-reporting-law-with-new-rules-starting-in-2027/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2680103226","pubTimestamp":1793789796,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Hong Kong has passed a new crypto tax reporting law that will require digital asset service providers to collect transaction information from 2027 and allow authorities to share the data with overseas tax agencies starting in 2028.Hong Kong’s Legislative Council passed a new crypto tax reporting law on November 4, adopting the OECD’s Crypto Asset Reporting Framework.Crypto service providers will be required to collect customer and transaction information from 2027, with automatic exchanges of tax data between Hong Kong and partner jurisdictions starting in 2028.The amended Common Reporting Standard will take effect in 2028, with international exchanges of financial account information under the updated rules beginning in 2029.Hong Kong’s Inland Revenue Department will issue guidance and provide technical assistance to help affected businesses comply with the new reporting requirements.The framework covers both fungible and non-fungible crypto assets that can be used for payments or inv","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BITQ":"Bitwise Crypto Industry Innovators ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","HECO":"SPDR Galaxy Hedged Digital Asset Ecosystem ETF","BITW":"Bitwise 10 Crypto Index ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","DIME":"CoinShares Altcoins ETF","BKCH":"AdvisorShares Sabretooth ETF","DAPP":"VanEck Digital Transformation ETF","BLOK":"Amplify Transformational Data Sharing ETF","STCE":"Schwab Crypto Thematic ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF"},"translate_title":"香港通过加密货币纳税申报法，新规则将于 2027 年开始","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BITQ":1.5,"NCIQ":1.5,"CRPT":1.5,"DAPP":1.5,"TEKX":1.5,"HECO":0.77,"STCE":1.5,"DIME":1.5,"GDLC":1.5,"BLOK":0.68,"BKCH":1.5,"BITW":1.5,"LFGY":1.5},"content_text":"Hong Kong has passed a new crypto tax reporting law that will require digital asset service providers to collect transaction information from 2027 and allow authorities to share the data with overseas tax agencies starting in 2028.\n\n\nSummary\n\n\n\nHong Kong’s Legislative Council passed a new crypto tax reporting law on November 4, adopting the OECD’s Crypto Asset Reporting Framework.\nCrypto service providers will be required to collect customer and transaction information from 2027, with automatic exchanges of tax data between Hong Kong and partner jurisdictions starting in 2028.\nThe amended Common Reporting Standard will take effect in 2028, with international exchanges of financial account information under the updated rules beginning in 2029.\nHong Kong’s Inland Revenue Department will issue guidance and provide technical assistance to help affected businesses comply with the new reporting requirements.\n\n\n\nAccording to a November 4 government announcement, the Legislative Council approved the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, bringing the city closer to implementing international tax reporting standards developed by the Organisation for Economic Co-operation and Development.\nThe legislation introduces the OECD’s Crypto-Asset Reporting Framework, commonly known as CARF, alongside changes to the existing Common Reporting Standard, or CRS, which governs the exchange of financial account information between tax authorities.\nUnder the new requirements, covered crypto businesses will need to collect customer and transaction details for submission to Hong Kong’s Inland Revenue Department. The department will then exchange the information annually with eligible partner jurisdictions.\nThe government said the exchanges would operate on a reciprocal basis, with participating jurisdictions required to maintain appropriate standards for data confidentiality and security.\nHong Kong crypto tax rules will cover exchanges and customer transactions\nThe CARF framework applies to businesses that facilitate cryptocurrency transactions for customers, including exchanges, brokers, dealers and certain operators of crypto ATMs.\nCompanies with a reporting connection to Hong Kong will be subject to registration, customer due diligence, recordkeeping and reporting obligations.\nThe reporting requirements cover transactions involving exchanges between cryptocurrencies and fiat currencies, trades between different crypto assets and certain transfers involving external wallets.\nService providers must collect identifying information about reportable customers, including their tax residence and taxpayer identification numbers, alongside the relevant transaction details.\nThe framework covers both fungible and non-fungible crypto assets that can be used for payments or investments. Central bank digital currencies, specified electronic money products and certain assets that cannot be used for payments or investments are excluded.\nThe legislation follows an earlier consultation held between December 2025 and February 2026, during which the government sought feedback from financial institutions, professional bodies and cryptocurrency businesses.\nHong Kong subsequently published the proposed legislation in May before introducing it to lawmakers in June.\nFinancial Services and the Treasury Secretary Christopher Hui said the new requirements were part of the government’s efforts to improve international tax transparency and tackle cross-border tax evasion.\n“Implementing the latest international standards for automatic exchange of information in tax matters is crucial to maintaining Hong Kong’s reputation as an international financial and commercial centre,” Hui said.\nHe added that alignment with international standards would strengthen confidence among financial institutions, crypto businesses and digital asset users considering long-term investments in Hong Kong.\nAmended financial reporting standards will take effect in 2028\nAlongside CARF, the legislation introduces changes to the Common Reporting Standard, which Hong Kong has used to exchange financial account information with overseas tax authorities since 2018.\nThe amended CRS will take effect in 2028, with the first exchanges of information under the updated requirements scheduled for 2029.\nThe changes expand the existing framework to cover certain digital financial products, including central bank digital currencies, specified electronic money products and financial instruments linked to cryptocurrencies.\nFinancial institutions will face updated due diligence requirements and additional reporting obligations concerning account holders, controlling persons and financial accounts.\nThe amendments include provisions intended to prevent duplicate reporting where transactions involving relevant crypto assets fall under both CARF and the updated CRS.\nTo help affected businesses prepare, the Inland Revenue Department plans to publish implementation guidance and has established a dedicated team to provide technical assistance and respond to industry questions.\nThe reporting legislation follows other regulatory changes in Hong Kong’s digital asset sector.\nIn October, the government outlined plans for licensing across four additional virtual asset services, covering dealing, custody, advisory and asset management activities.\nThe proposed licensing regimes would sit alongside existing rules for cryptocurrency trading platforms and stablecoin issuers.\nHong Kong’s September policy address had previously set out plans to expand regulated stablecoin trading and tokenized real-world assets, alongside additional surveillance measures for digital asset businesses.\nOECD crypto reporting framework faces questions over coverage\nThe international reporting framework has attracted attention over how much cryptocurrency activity tax authorities can capture through regulated service providers.\nAs crypto.news previously reported in August, blockchain analytics firm Chainalysis estimated that potentially taxable onchain cryptocurrency activity exceeded $457 billion globally in 2025.\nAccording to the firm’s analysis, transactions within the practical reach of CARF represented approximately 14% of that activity.\nThe remaining 86% included decentralized exchange transactions, peer-to-peer transfers, onchain income and cryptocurrency payments that fell outside the framework’s practical reporting coverage.\nThe OECD originally published CARF in 2023 to establish a common system through which participating jurisdictions could exchange information about cryptocurrency transactions involving their tax residents.\nHong Kong’s government said the Inland Revenue Department would continue working with the industry on implementation, with technical support available to businesses preparing for the new requirements.\n\n\n\n\n\n                Read more:\n            \n\n                Ethereum Economic Zone unveils three cross-chain breakthroughs at Devcon","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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