Hong Kong Financial Services and the Treasury Bureau Policy Briefing: Implementing the Cryptocurrency Asset Declaration Framework and Promoting Automatic Tax Information Exchange for Cross-Border Cryptocurrency Transactions by 2028

Mars Finance reports that the Hong Kong Legislative Council’s Financial Affairs Committee announced a briefing session on January 30th. The Hong Kong Financial Services and the Treasury Bureau will present policy measures, with Secretary for Financial Services and the Treasury Christopher Hui and Deputy Secretary Chen Haolian attending. The relevant document states: To promote the sustainable and healthy development of the digital asset industry in Hong Kong and to further consolidate Hong Kong’s position as an international financial center, legislative proposals will be submitted to the Legislative Council this year to implement amendments related to the crypto asset declaration framework and joint reporting standards developed by the Organisation for Economic Co-operation and Development (OECD). The goal is to automatically exchange tax information related to crypto asset transactions with other tax jurisdictions starting from 2028, to combat cross-border tax evasion and enhance international tax transparency. Public opinions are currently being collected on the legislative proposals.