Hong Kong · Proposed legislation
Hong Kong passes cryptoasset and financial-account reporting bill
On 4 November 2026, Hong Kong’s Government confirmed Legislative Council passage of its CARF and amended CRS bill, setting different implementation and information-exchange years for cryptoasset and financial-account reporting.
- Official document:
- Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026; Cap. 112
- Development date:
- 2026-11-04
Two reporting timetables
The Government says relevant cryptoasset service providers will collect CARF information from 2027, enabling exchanges with partner jurisdictions from 2028. Amended CRS implementation follows in 2028, with exchanges under that standard from 2029. Collection, exchange and an individual institution’s filing deadline are different matters; the announcement supplies no universal return date.[1]
Financial-account data also changes
IRD’s explanation of the original bill describes additions to Part 8A and Schedules 17C and 17D of the Inland Revenue Ordinance: digital financial products, extra account and controlling-person information, and refined due diligence. That page expressly describes the bill as originally introduced; it does not establish that every provision survived amendment unchanged.[2]
Prepare against the confirmed milestone
Groups should identify their cryptoasset-service and financial-account activities, allocate data owners and track IRD’s promised guidance. The published timetables support preparation. Final amended text remains necessary before confirming an entity’s statutory classification, exceptions or filing obligations. This passage report does not treat those unresolved details as operative rules.[1][2]
Official sources
- [1] Government passage report
Hong Kong Government / Inland Revenue Department · Document date: 2026-11-04
Complete official 4 November Government passage report freshly read, paragraphs on Legislative Council passage, CARF collection in 2027 and exchanges in 2028, amended CRS implementation in 2028 and exchanges in 2029, reciprocal confidential exchange and forthcoming guidance. No Gazette publication, final clause comparison or entity-specific deadline inferred.
- [2] IRD explanation of the 22 May 2026 bill
Hong Kong Government / Inland Revenue Department · Document date: 2026-05-22
Complete substantive original-bill explanation freshly read, lines 157–173: explicit original-bill scrutiny qualification; Part 8A and Schedules 17C/17D; digital financial products, additional reporting information, due diligence and dual-reporting coordination. Used only as qualified original-design context, not final amended law.