Hong Kong's crypto tax reporting law
Where it stands now. The law has passed; Hong Kong's IRD has still to publish its guidance and the list of jurisdictions it will exchange crypto data with from 2028.
The record 1 development
Hong Kong passes crypto tax-reporting law; platforms collect data from 2027, tax office exchanges it from 2028
What happened. Hong Kong's Legislative Council (LegCo) passed a tax amendment bill on 4 November that puts the OECD's Crypto-Asset Reporting Framework (CARF) into Hong Kong law, PANews, ABMedia and BlockTempo reported, citing the government. Covered crypto service providers must collect client and transaction data from 2027, and the Inland Revenue Department (IRD) will exchange it with partner tax jurisdictions from 2028, all five outlets reported. The same law updates the Common Reporting Standard (CRS) for financial accounts: it applies from 2028, with exchange under the new standard from 2029.
Why it matters. Hong Kong's Secretary for Financial Services and the Treasury said in the government's statement that adopting the latest international standard is vital to Hong Kong's standing as a financial and business centre, and would give crypto service providers and digital-asset users more confidence to operate and invest there, ABMedia and BlockTempo reported. BlockTempo noted that the law adds no new tax; it sets up the reporting and exchange channels.
- Platforms must record clients' name, address, tax residence and tax identification number, plus purchases, sales, crypto-to-crypto swaps and transfers to outside wallets, totalled by year, ABMedia and BlockTempo reported. The IRD will pass data only to the partner jurisdiction where the client is tax resident, on a reciprocal basis, and it will not be made public, they said.
- Foresight News reported in an article carried by ChainCatcher that CARF applies from 1 January 2027, that users with accounts opened on or before 31 December 2026 must give a self-certification by 1 January 2028 under the original bill, and that KPMG expects the amended ordinance to be gazetted on 13 November.
- Whether mainland China residents are in the first exchange depends on the partner list the IRD has yet to publish, Foresight News reported in an article carried by ChainCatcher; it said mainland China was not on the OECD's CARF commitment list as of 14 September 2026, while Hong Kong is listed for a first exchange in 2028.
- Under the original bill, knowingly or recklessly giving false or misleading information in a self-certification can bring a fine of up to HK$10,000 on conviction, Foresight News reported in an article carried by ChainCatcher.
- The IRD will publish guidance and has set up a dedicated team to give technical support, PANews and NewEconomy reported.
Read the originals (5), usually in their own language
- Hong Kong Legislative Council passes Crypto-Asset Reporting Framework bill; automatic exchange of tax information from 2028 · PANews, headline translated by us
- Hong Kong passes bill introducing tax-information reporting regime for crypto assets; information collection from 2027 · NewEconomy, headline translated by us
- Hong Kong passes crypto tax reporting law; exchanges must collect client transaction data from next year · ABMedia, headline translated by us
- Hong Kong's new crypto tax law passes! Exchanges must report client transactions from 2027 · BlockTempo, headline translated by us
- Hong Kong crypto-asset reporting bill passes: will mainland residents' transaction information be exchanged? · ChainCatcher, headline translated by us