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Hong Kong to Enact Crypto Asset Reporting Framework by 2026
In a significant move aimed at enhancing international tax transparency and combating cross-border tax evasion, the government of Hong Kong has announced its plans to introduce the Crypto-Asset Declaration Framework (Declaration Framework) by 2026. This development follows the Organization for Economic Co-operation and Development’s (OECD) initial announcement of a reporting framework in June 2023.
According to reports, the declaration framework will align with the existing Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters. In essence, this means that the government will establish a system where crypto-asset accounts and transactions are automatically exchanged on an annual basis with tax jurisdictions where users or controllers are residents.
The Secretary for Financial Services and Treasury, Mr. Hui Ching-yu, emphasized the importance of implementing the Reporting Framework in maintaining Hong Kong’s reputation as an international financial and business center. He also highlighted that the government will engage relevant stakeholders and the public to prepare necessary legislative amendments.
Furthermore, it has been announced that Hong Kong plans to implement the new framework with partners who adhere to data confidentiality and security norms.
Source: http://www.cryptonewsz.com
