The Hong Kong government has launched a public consultation on the crypto asset reporting framework, aiming to complete legislation by 2026 and begin automatic exchange of crypto transaction tax information with compliant partners by 2028. This marks Hong Kong's proactive positioning in the global trend of tax transparency. The CARF framework will require service providers like exchanges to collect and report user transaction data, aligning with the revised CRS to enable cross-border tax information sharing. The timeline is crucial: giving the market a two-year adaptation period and providing regulators ample preparation time. As an international financial center, Hong Kong must balance maintaining compliance reputation with fostering innovation and development. How will this impact the competitiveness of Hong Kong's Web3 ecosystem?