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Hong Kong to Enact Crypto Asset Reporting Framework by 2026
The government of Hong Kong has announced plans to introduce a Crypto-Asset Declaration Framework (Declaration Framework) by 2026. This move aims to enhance international tax transparency and combat cross-border tax evasion.
According to sources, the government has informed the Organization for Economic Co-operation and Development (OECD) Global Forum on Transparency and Effective Exchange of Information in Tax Matters (Global Forum) that Hong Kong is committed to implementing the Crypto-Asset Framework by 2026. The government will begin automatic exchange of information with relevant tax jurisdictions under the reporting framework starting from 2028.
It’s worth noting that this decision comes at a time when the market capitalization of Asia’s first batch of Virtual Asset spot ETFs listed in Hong Kong has increased by 70% since their release in April, with average daily turnover having doubled. The government believes that introducing such a reporting framework is crucial for maintaining its reputation as an international financial and business center.
The Declaration Framework will reportedly be implemented in alignment with the existing Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters and will introduce a similar method to automatically exchange crypto-asset accounts and transactions on an annual basis in tax jurisdictions where users or controllers are tax residents.
Source: http://www.cryptonewsz.com
