Hong Kong Legislative Council Plans Crypto Tax Overhaul by 2028
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- Tax Transparency Enhancement: The Hong Kong Legislative Council plans to implement a crypto asset reporting framework by 2028, aimed at enhancing international tax transparency and combating evasion, impacting stakeholders across the crypto industry.
- Global Information Exchange: The proposal is expected to facilitate automatic tax information exchange, marking Hong Kong's alignment with OECD standards and promoting global collaboration to combat tax evasion.
- Public Consultation Period: Public commentary on the proposal is open until February 6, 2026, with a briefing by the Finance Committee scheduled for January 30, gathering top financial officials to discuss the new proposals.
- Market Trend Shifts: Hong Kong's alignment with the OECD's new standards signifies a major shift from its original CRS system initiated in 2017, demonstrating its commitment to global financial transparency while potentially reshaping the dynamics and growth of the crypto industry.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
