The Hong Kong government has announced the implementation of a cryptocurrency asset declaration framework aimed at enhancing international tax transparency and combating cross-border tax evasion. This initiative responds to the new global tax transparency standards released by the OECD in June 2023.

The declaration framework is an extension of the current automatic exchange of tax information standards, requiring tax jurisdictions to automatically exchange tax information on cryptocurrency asset accounts and transactions annually. This means that users who hold cryptocurrency assets will face stricter tax oversight.

Hong Kong plans to complete the relevant legislation by 2026 and to begin the first automatic data exchange in 2028. This commitment demonstrates Hong Kong's proactive stance in the global tax transparency process.🔍🌐📊