The Hong Kong Legislative Council passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on November 4, 2026. The government welcomed the legislation to implement Organisation for Economic Co-operation and Development standards.
Implementation Timeline
CARF will be implemented in Hong Kong next year when relevant service providers will be required to collect the information specified under the framework for the Inland Revenue Department to exchange with partner jurisdictions starting from 2028.
The amended CRS will also take effect in 2028, and the IRD will automatically exchange financial account information with suitable partners in accordance with the new standard starting from 2029.
Government Statement
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said Hong Kong has been supporting international efforts in enhancing tax transparency and combatting cross-border tax evasion.
Hui stated that implementing these standards is crucial to maintaining Hong Kong reputation as an international financial and commercial centre and will reinforce confidence in long-term investments.
What to do
- The IRD will issue relevant guidance and has set up a dedicated team to provide technical support to the industry and address their enquiries.
Key facts and where they come from
- The Legislative Council passed the bill on November 4, 2026.
The Government welcomed the passage of the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 by the Legislative Council today (November 4)
- CARF will be implemented in Hong Kong next year.
CARF will be implemented in Hong Kong next year
