Hong Kong's Legislative Council passes the Crypto-Asset Reporting Framework and amended CRS bill
The Hong Kong government says relevant service providers will be required to collect the specified information next year, for exchanges with partner jurisdictions starting from 2028.
Summary
- Legislative Council passed CARF and CRS bill, 4 Nov 2026
- Government: relevant service providers required to collect information next year
- Government: tax exchanges under CARF start from 2028
- Government: amended CRS takes effect in 2028, exchanges from 2029
- Government: Inland Revenue Department will issue guidance, no date given
What happened
Hong Kong's Legislative Council passed the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on 4 Nov 2026. The Government of the Hong Kong SAR announced the passage in a press release the same day.
The government says the bill implements in Hong Kong the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS). The Organisation for Economic Co-operation and Development (OECD) developed both.
The Legislative Council has passed the bill, and Anvesan classes the measure as final. The release gives no commencement date for the bill. This story relies on the government's release, not on the text of the bill.
What changed
The release says the OECD published CARF in 2023 to provide for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions each year. The OECD also amended the CRS to cover digital financial products and to enhance reporting and due diligence requirements.
The government gives a separate timetable for each standard:
- CARF. It will be implemented in Hong Kong next year, when relevant service providers will be required to collect the information the framework specifies. The Inland Revenue Department (IRD) will exchange that information with partner jurisdictions starting from 2028.
- Amended CRS. It will take effect in 2028. The IRD will automatically exchange financial account information with suitable partners under the new standard starting from 2029.
The government says Hong Kong will exchange information on a reciprocal basis and on the premise of data confidentiality and security. It also says Hong Kong has conducted automatic exchange of financial account information with partner jurisdictions each year under the CRS since 2018.
Who is affected
The government says relevant service providers will be required to collect the CARF information. The release does not define that term. It also does not say which firms the amended CRS requirements reach. Secretary for Financial Services and the Treasury Christopher Hui said aligning with the latest standards will reinforce the confidence of crypto-asset service providers, financial institutions and digital asset users. That statement concerns their confidence, not the scope of the requirements.
What happens next
The government says the IRD will issue relevant guidance. It also says the IRD has set up a dedicated team to give the industry technical support and answer its enquiries. The release gives no date for the guidance.
The release is dated 4 Nov 2026 and says "next year" without a specific start date for collection. It states no commencement date for the bill.
Anvesan view
The release sets next year for CARF collection, with no specific date and no definition of relevant service providers. The government says guidance will come, and the release does not say what it will cover.
Official source
Source: Government of the Hong Kong SAR (HKSAR Government), press release, published 4 Nov 2026.
Published