Hong Kong Tax Agency Seeks Comments on Implementation of Amended CARF, CRS Provisions

The Hong Kong Inland Revenue Department Dec. 9 opened a consultation on the domestic implementation of the amended OECD Crypto-Asset Reporting Framework (CARF) and common reporting standard (CRS) provisions. The consultation includes proposals to: 1) require reporting crypto-asset service providers (RCASPs) to report tax information on crypto-asset transactions, from 2027, for information exchanges starting in 2028; 2) implement the amended CRS from 2029; 3) introduce a mandatory registration requirement for RCASPs meeting any of the reporting nexus criteria; 4) require reporting financial institutions (RFIs) to report relevant information under CRS and CARF, 5) impose mandatory registration and recordkeeping requirements on ...