According to Caijing, Hong Kong is further refining its tax information reporting system for crypto assets. On November 4th, the Hong Kong Legislative Council passed a relevant bill to implement the OECD's Crypto Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS). Under the arrangement, starting in 2027, crypto asset service providers with reporting ties to Hong Kong will be required to register with the Inland Revenue Department, collect information on their clients' tax residency and related crypto asset transactions, and fulfill due diligence and reporting obligations. Hong Kong plans to automatically exchange crypto asset transaction tax information with partner tax jurisdictions starting in 2028. The revised CRS will be implemented in 2028, with the exchange of related financial account information starting in 2029. The Hong Kong government stated that it will conduct information exchange based on the principle of reciprocity, ensuring data confidentiality and security, and will provide implementation guidance and technical support to the industry. https://www.(wublock123.com)/news/the-tax-declaration-system-for-encrypted-assets-in-hong-kong-will-be-implemented-in-2027-and-cross-border-information-exchange-will-be-launched-in-2028-71547