Hong Kong’s Financial Services and the Treasury Bureau is preparing to introduce a legal framework for reporting crypto assets. The bureau will brief the Legislative Council’s Financial Affairs Committee on policy measures, with Secretary Christopher Hui and Deputy Secretary Joseph Chan in attendance. According to documents, a legislative proposal will be submitted this year to establish a comprehensive framework for crypto asset reporting. This framework will be based on the OECD’s Common Reporting Standards, aiming to ensure the automatic exchange of tax information related to crypto assets from 2028. The initiative seeks to curb international tax evasion and enhance tax transparency. Public feedback is also being solicited regarding the legislation. Given the rising popularity of cryptocurrencies and their growing significance in the global financial system, many countries are focusing on monitoring and regulating crypto assets. Hong Kong aims to play an active role in stabilizing its financial system and promoting transparency within the crypto market. If enacted, the framework will enable the exchange of tax information on crypto assets with other countries, increasing global oversight of cryptocurrencies and reducing opportunities for tax evasion. However, it may also pose challenges for individuals and institutions in the crypto market concerning the protection of their financial information.
Source: binance
