TechFlame reports that on December 9, according to a news bulletin released by the Hong Kong government, the Hong Kong government has initiated a public consultation on implementing the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS) issued by the Organisation for Economic Co-operation and Development (OECD).

The government plans to complete the revision of local legislation within the next year, aiming to automatically exchange tax-related information on crypto-asset transactions with cooperating tax jurisdictions starting from 2028, and to implement the newly amended Common Reporting Standard from 2029. Christopher Hui, Secretary for Financial Services and the Treasury, stated that this move aims to demonstrate Hong Kong's commitment to promoting international tax cooperation and combating cross-border tax evasion, which is crucial for maintaining Hong Kong's reputation as an international financial center.

The OECD announced this reporting framework in 2023, allowing cooperating tax jurisdictions to automatically exchange tax-related information on crypto-asset transactions annually. Hong Kong has been exchanging financial account information with partners under the OECD's Common Reporting Standard since 2018. The public can submit feedback on the relevant proposals by February 6, 2026.