According to (Caijing), Hong Kong is further improving its tax information reporting system for crypto-assets. On November 4, the Legislative Council of Hong Kong passed the relevant bill to implement the OECD’s Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS). Under the arrangements, starting in 2027, crypto-asset service providers with reporting connections to Hong Kong will be required to register with the Inland Revenue Department, collect information on clients’ tax residency and relevant crypto-asset transactions, and fulfill due diligence and reporting obligations. Hong Kong plans to begin automatically exchanging tax information on crypto-asset transactions with partner tax jurisdictions in 2028. The amended CRS will also take effect in 2028, with the exchange of relevant financial account information beginning in 2029. The Hong Kong government said it would conduct information exchanges on the basis of reciprocity, while ensuring the confidentiality and security of the information, and provide the industry with implementation guidance and technical support.