The post Hong Kong Launches Crypto Tax Framework Consultation appeared on BitcoinEthereumNews.com. Key Points: The Hong Kong government launched a consultation on OECD’s crypto tax reporting framework. Implementation of the framework is targeted for 2028. Hong Kong aims to enhance international tax cooperation. The Hong Kong government has initiated a public consultation on the implementation of the OECD’s Crypto‑Asset Reporting Framework and Common Reporting Standard, set to begin in 2028, with legislation expected by next year. This initiative underscores Hong Kong’s focus on enhancing international tax cooperation and transparency, potentially influencing global crypto regulations and maintaining its status as a financial hub. Hong Kong Targets 2028 for Crypto Tax Compliance The Hong Kong government has initiated a public consultation process to implement the OECD’s Crypto-Asset Reporting Framework (CARF) and revised Common Reporting Standard (CRS). The government plans to fully integrate this framework by 2028 to facilitate the automatic exchange of tax information on crypto transactions. The automatic exchange of information is set to begin in 2028, while the new CRS will be implemented in 2029. This development marks a significant step toward increasing tax transparency and aligning with international standards for crypto transactions. “To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance (Cap. 112) (the Ordinance) for implementing CARF and the newly amended CRS. This is also of paramount importance in maintaining Hong Kong’s reputation as an international financial and commercial centre.” — Christopher Hui Ching‑yu, Secretary for Financial Services and the Treasury of the HKSAR Government 2018 Reforms Set the Stage for Crypto Regulation Did you know? In 2018, Hong Kong began exchanging financial account information based on OECD standards, a precursor to its current move to include crypto-assets in automatic tax reporting. According to CoinMarketCap, Bitcoin (BTC)… The post Hong Kong Launches Crypto Tax Framework Consultation appeared on BitcoinEthereumNews.com. Key Points: The Hong Kong government launched a consultation on OECD’s crypto tax reporting framework. Implementation of the framework is targeted for 2028. Hong Kong aims to enhance international tax cooperation. The Hong Kong government has initiated a public consultation on the implementation of the OECD’s Crypto‑Asset Reporting Framework and Common Reporting Standard, set to begin in 2028, with legislation expected by next year. This initiative underscores Hong Kong’s focus on enhancing international tax cooperation and transparency, potentially influencing global crypto regulations and maintaining its status as a financial hub. Hong Kong Targets 2028 for Crypto Tax Compliance The Hong Kong government has initiated a public consultation process to implement the OECD’s Crypto-Asset Reporting Framework (CARF) and revised Common Reporting Standard (CRS). The government plans to fully integrate this framework by 2028 to facilitate the automatic exchange of tax information on crypto transactions. The automatic exchange of information is set to begin in 2028, while the new CRS will be implemented in 2029. This development marks a significant step toward increasing tax transparency and aligning with international standards for crypto transactions. “To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance (Cap. 112) (the Ordinance) for implementing CARF and the newly amended CRS. This is also of paramount importance in maintaining Hong Kong’s reputation as an international financial and commercial centre.” — Christopher Hui Ching‑yu, Secretary for Financial Services and the Treasury of the HKSAR Government 2018 Reforms Set the Stage for Crypto Regulation Did you know? In 2018, Hong Kong began exchanging financial account information based on OECD standards, a precursor to its current move to include crypto-assets in automatic tax reporting. According to CoinMarketCap, Bitcoin (BTC)…