Hong Kong: Public consultation on implementation of cryptoasset reporting framework (CARF) and CRS 2.0
The consultation runs until February 6, 2026.
The government of Hong Kong on December 9, 2025, launched a public consultation on the implementation of the OECD’s cryptoasset reporting framework (CARF) and related amendments to the common reporting standard (CRS 2.0) within Hong Kong’s domestic framework. The consultation runs until February 6, 2026.
The government aims to complete the necessary legislative amendments in 2026, begin the automatic exchange of information under CARF with partner jurisdictions in 2028, and implement CRS 2.0 in 2029. These frameworks will be implemented on a reciprocal basis, and Hong Kong requires partner jurisdictions to meet standards relating to data confidentiality and security.
Additionally, in response to feedback from the OECD’s second peer review (since 2024) of Hong Kong’s administrative framework for implementing the CRS, the government proposes to amend the Inland Revenue Ordinance (Cap. 112) to introduce:
- Mandatory registration for financial institutions
- Higher penalty levels
- Strengthened enforcement measures
The consultation paper, available on the Financial Services and the Treasury Bureau (FSTB) website, outlines the proposed legislative approach and key implementation matters, including reporting procedures, record-keeping requirements, penalty levels, and enforcement mechanisms.
Relevant stakeholders are invited to submit feedback on the proposals by email at carf@fstb.gov.hk.
Read a December 2025 report prepared by the KPMG member firm in Hong Kong