CandleFocus Hong Kong vows to finish crypto asset reporting framework by 2026
2024-12-17
Author: Content Editor
The Hong Kong government has announced plans to implement a crypto asset reporting framework in an effort to combat cross-border tax evasion. This framework will require tax-paying residents to report their crypto accounts and transactions annually, with the aim of improving global tax transparency. The government plans to complete the regulatory framework by 2026 and start implementing it by 2028. The information gathered will be shared with tax authorities from different countries to ensure fair and effective global implementation. Secretary for Financial Services and the Treasury, Christopher Hui, stated that this framework aligns with Hong Kong's commitment to international tax cooperation and will help maintain its reputation as an international financial center.
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