On 4 November 2026, the Government Information Services announced that the Government welcomed the Legislative Council’s passage that day of the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, to implement in Hong Kong the OECD Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (amended CRS). This note summarises the public GIA release — general information only, not legal or tax advice. Detailed reporting duties and commencement particulars await the enacted Ordinance text and IRD guidance.
Key point: LegCo passed the Bill on 4 November 2026. Per the press release, CARF will be implemented in Hong Kong from next year (2027), when relevant service providers must collect the information specified under the framework for the IRD to exchange with partner jurisdictions starting from 2028; the amended CRS takes effect in 2028, and the IRD will automatically exchange financial account information under the new standard starting from 2029. Exchanges will be on a reciprocal basis and on the premise of data confidentiality and security.
Post-passage timetable
- CARF — implemented from next year; relevant service providers collect specified information; IRD exchanges crypto-asset tax information with partners from 2028.
- Amended CRS — takes effect from 2028; IRD exchanges under the new standard from 2029.
- Hong Kong has conducted CRS AEOI with partner jurisdictions annually since 2018.
- For the earlier debate-stage note, see LegCo debate on the CARF / amended CRS Bill — this article covers the Government’s welcome of passage only.
What CARF and the amended CRS cover
In light of rapid digital-asset market growth, the OECD published CARF in 2023 for annual automatic exchange of tax information on crypto-asset transactions, and amended the CRS to cover digital financial products and enhance reporting and due diligence. Aligning with the latest standards, the press release notes, should reinforce confidence among crypto-asset service providers, financial institutions and digital-asset users in Hong Kong.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said Hong Kong has been supporting international efforts to enhance tax transparency and combat cross-border tax evasion, and that implementing the latest AEOI standards is crucial to maintaining Hong Kong’s reputation as an international financial and commercial centre.
Practical notes for industry
- Passage ≠ full operational detail yet — the IRD will issue guidance and has set up a dedicated team for technical support; do not invent ordinance section numbers or gazettal minutiae beyond the GIA text.
- Likely stakeholders — crypto-asset service providers and financial institutions handling both accounts and digital assets should review KYC/self-certification and record-keeping early.
- Cross-border calendars — plan CARF / amended CRS alongside existing CRS/FATCA calendars; rely on the Gazette / enacted Ordinance and IRD pages for commencement and partners.
Sources: GIA press release (EN, 2026-11-04) · 政府新聞處（中文） · IRD press archive (pre-debate, 2026-11-02) · IRD: Crypto-Asset Reporting Framework
Related services: Hong Kong profits tax · Accounting · BVI / offshore incorporation · Annual return / company secretary