On December 17, the Hong Kong government announced to the OECD Global Forum on Tax Transparency and Effective Exchange of Information that it is committed to implementing the Crypto-Asset Declaration Framework (Declaration Framework) to improve international tax transparency and combat cross-border tax evasion.
In light of the rapid development of the crypto-asset market, the OECD introduced a reporting framework in June 2023 to maintain global tax transparency. As an extension of the existing Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters, the reporting framework provides a similar mechanism to automatically exchange crypto-asset accounts and transactions on an annual basis in tax jurisdictions where crypto-asset users or controllers are tax residents.
Hong Kong will implement the reporting framework under the principle of reciprocity with suitable partners who meet standards for protecting data confidentiality and security. The government plans to complete the required local legislative amendments on or before 2026 and start the first automatic exchange of information under the reporting framework with relevant tax jurisdictions from 2028.
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