Is Hong Kong going to tax crypto assets? Global data exchange to start in 2028

2025-12-09 13:56:22

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[Chain News] Is Hong Kong about to take action on crypto assets? It’s not a crackdown—it’s about “tax reporting.”

The Financial Services and the Treasury Bureau just held a public consultation and plans to amend the tax law—to bring in the OECD’s Crypto-Asset Reporting Framework (CARF), while also upgrading the Common Reporting Standard (CRS). The timeline is pretty tight: legislation to be completed by 2026, start exchanging crypto tax data with other regions in 2028, and the new CRS to go fully online in 2029.

This time, it’s not just about changing the rules—financial institutions will be required to register, penalties will be increased, and enforcement will be stricter. After all, the OECD is watching, and Hong Kong needs to maintain its reputation as an international financial center.

How about globally? The latest OECD statistics show that 76 countries have agreed to share crypto data: 48 plan to implement in 2027, 27 are aiming for 2028. The US? Their target is 2029 and they are still evaluating the IRS plan. Switzerland has postponed to 2027, and Brazil is considering whether to join. Another 53 countries have already signed multilateral agreements and are preparing for automatic information exchange.

It looks like the “privacy era” in the crypto world is coming to an accelerated end.

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GateUser-bd883c58

· 22h ago

Data exchange will start in 2028, there’s really no way to escape now... Hong Kong seems to have been hijacked by the OECD this time.

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SnapshotDayLaborer

· 22h ago

Swap data in 2028—everyone knows what this means. Another wave of cashing out is coming. If you're holding assets, you'd better start thinking about what to do. Hong Kong still has to listen to the OECD. After all, it can't afford to lose its status as a financial center.

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NFTRegretter

· 22h ago

Here we go again. By 2028, we’ll have to exchange data? Oh my god, there’s really no way out now.

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NFTHoarder

· 22h ago

Starting in 2028, data will be swapped, and my little money will be exposed again...

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