Hong Kong Establishes Task Force to Support Cryptocurrency Reporting and Tax Registration

The Deputy Secretary for Financial Services and the Treasury of Hong Kong, Chen Haolian, announced that starting from 2027, the Hong Kong Special Administrative Region will implement cryptocurrency reporting, covering digital assets such as Bitcoin, Ethereum, and Solana. To ensure the effective implementation of the cryptocurrency reporting framework, Hong Kong will mandate that cryptocurrency service providers related to the reporting register with the tax authorities and maintain due diligence records. To this end, Hong Kong has established a task force to provide technical support and answer inquiries from the industry. Key concerns from the industry include the applicability of the tax authority's guidelines, particularly whether they cover custody, brokerage, and over-the-counter trading, as well as the list of initial exchange partners, which will affect which countries' tax authorities can access transaction data on Hong Kong platforms after 2028.

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