Hong Kong has passed legislation implementing the OECD’s CARF and amended CRS, requiring crypto-asset reporting from 2027 and expanding automatic information exchanges with partner jurisdictions from 2028 and 2029, respectively.
Hong Kong’s Legislative Council (LegCo) has passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on 4 November 2026, according to a press release by the Hong Kong Inland Revenue Department (IRD).
The government welcomed the bill, which brings two Organisation for Economic Co-operation and Development (OECD) standards into force in Hong Kong: the Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS)
This follows Hong Kong’s Legislative Council scheduling a 4 November 2026 meeting to resume the Second Reading debate on the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026, which would proceed to committee review and a Third Reading if approved.
Relevant service providers must collect CARF information starting in 2027. The Inland Revenue Department (IRD) will exchange that information with partner jurisdictions from 2028. The amended CRS also takes effect in 2028, and the IRD will begin automatic exchanges of financial account information under the new standard from 2029. All exchanges will be reciprocal and will protect data confidentiality and security.
The IRD will issue guidance on the new requirements. It has also set up a dedicated team to provide technical support and answer enquiries from industry. The government says this will help businesses adapt and give them more tax certainty.
