Hong Kong to Implement the Crypto-Asset Reporting Framework (CARF) by 2028

On 13 December 2024, the Hong Kong government announced its commitment to implementing the Crypto-Asset Reporting Framework (“CARF”)—essentially the CRS for crypto assets—as part of its efforts to enhance international tax transparency and combat cross-border tax evasion. This commitment was formally communicated to the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) under the Organisation for Economic Co-operation and Development (“OECD”). Below are the key points from the government’s press release: