A recent announcement stated that the Hong Kong government reaffirmed their intention to adopt an international crypto tax reporting system by 2028.
This decision follows recent discussions held with the Organization for Economic Cooperation and Development Global Forum on Transparency and Exchange of Tax Information.
In June 2023, the new framework will expand on existing Common Reporting Standard(CRS) by including crypto asset transactions. The framework establishes a system of automated data sharing for crypto accounts across all tax jurisdictions, where users live. It aims to increase transparency and reduce cross-border taxes evasion.
Hong Kong is preparing legislation to be in line with this framework.
The first exchange of information related to cryptography with jurisdictions participating in the program will occur by 2028. Data sharing will allow tax authorities to enforce tax compliance across borders.
In order to detect and support tax assessments, the city began sharing information on financial accounts in 2018 with its partners.
Secretary for Financial Services and the Treasury Christopher Hui highlighted the initiative’s significance, underscoring Hong Kong’s dedication to international tax cooperation.
Hui emphasized that this step is vital to maintaining the city’s status as a global financial and business hub while reinforcing its responsible approach to tax governance. He declared:
“The implementation is crucial for maintaining Hong Kong’s reputation as an international financial and business centre. It also reflects Hong Kong’s ongoing efforts in promoting international tax co-operation as a responsible tax jurisdiction.”
The move is part of Hong Kong’s broader efforts to solidify its status as a leading crypto-friendly hub. The authorities are launching initiatives to lure global investors. These include tax incentives for private equity and hedge fund firms.
Additionally, a stablecoin regulation bill published earlier this month outlines guidelines for issuers and marketers, reinforcing Hong Kong’s push for regulatory clarity in the digital asset space.
Hong Kong, Featured Articles, Taxes, and Regulation The Author 
Oluwapelumi Adejumo
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