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On May 20, 2026, the Hong Kong Special Administrative Region (HKSAR) Government announced that the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 will be gazetted on May 22, 2026, and introduced into the Legislative Council for first reading on June 3, 2026. The bill aims to implement the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong. The OECD published CARF in 2023 to provide for the automatic exchange of tax information on crypto-asset transactions with relevant jurisdictions on an annual basis. The amended CRS incorporates new digital financial products and enhanced requirements regarding reporting and due diligence. Christopher Hui, Secretary for Financial Services and the Treasury, said the amendments are necessary to fulfil Hong Kong's international obligations and combat cross-border tax evasion, maintaining the territory's reputation as an international financial and commercial centre. Under the proposed framework, crypto-asset service providers with reporting nexus with Hong Kong will be required to register with the Inland Revenue Department (IRD) and fulfil requirements including due diligence, return filing, and record keeping. CARF will be implemented in 2027, with automatic exchange of tax information on crypto-asset transactions commencing in 2028, subject to implementation progress in relevant jurisdictions. The amended CRS will also be implemented in 2028. The Government conducted a public consultation between December 2025 and February 2026, during which stakeholders from professional bodies and the financial and crypto-asset sectors generally supported the legislative proposals. The IRD will issue relevant guidance and provide technical support to assist the industry in adapting to the new requirements.