Wu said that the Hong Kong SAR government has launched a public consultation on the Crypto-Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS). Christopher Hui, Secretary for Financial Services and the Treasury, stated that the Inland Revenue Ordinance (Cap. 112) will be amended to implement CARF and the new CRS, with local legislation expected to be completed by 2026. The goal is to automatically exchange tax information related to crypto-asset transactions with appropriate partner tax jurisdictions on a reciprocal basis starting from 2028, and to implement the revised CRS from 2029 onwards. Exchange partners must meet information confidentiality and security standards, in order to help combat cross-border tax evasion and uphold Hong Kong’s reputation as an international financial and business center.