The Hong Kong government recently announced a significant initiative! 🎉 They have committed to the OECD Global Forum to implement a cryptocurrency asset declaration framework to enhance international tax transparency and combat cross-border tax evasion. This framework is an extension of the existing tax information exchange standards, aimed at ensuring transparency in the cryptocurrency market.

With the rapid development of the cryptocurrency market, Hong Kong plans to complete legislative amendments by 2026 and begin the first automatic information exchange in 2028. Although this initiative may bring more regulatory pressure to the market, a transparent market environment could potentially instill greater investor confidence, especially for mainstream cryptocurrencies like Bitcoin. 🔍💼