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

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