{"id":64345,"date":"2025-12-09T13:55:01","date_gmt":"2025-12-09T13:55:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hong-kong-launches-crypto-consultation-as-worldwide-reporting-rules-evolve\/"},"modified":"2025-12-09T13:55:01","modified_gmt":"2025-12-09T13:55:01","slug":"hong-kong-launches-crypto-consultation-as-worldwide-reporting-rules-evolve","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hong-kong-launches-crypto-consultation-as-worldwide-reporting-rules-evolve\/","title":{"rendered":"Hong Kong launches crypto consultation as worldwide reporting rules evolve"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/12\/20251209_1851_Hong-Kong-Crypto-Consultation_simple_compose_01kc1ma3nyfrg9w57wayj7cqwa-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/12\/20251209_1851_Hong-Kong-Crypto-Consultation_simple_compose_01kc1ma3nyfrg9w57wayj7cqwa-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/12\/20251209_1851_Hong-Kong-Crypto-Consultation_simple_compose_01kc1ma3nyfrg9w57wayj7cqwa-1-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/12\/20251209_1851_Hong-Kong-Crypto-Consultation_simple_compose_01kc1ma3nyfrg9w57wayj7cqwa-1-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li data-start=\"196\" data-end=\"1367\">Seventy-six governments have pledged to share crypto data under CARF.<\/li>\n<li data-start=\"196\" data-end=\"1367\">Fifty-three countries have signed the agreement enabling automatic exchange.<\/li>\n<li data-start=\"196\" data-end=\"1367\">Switzerland delayed its timeline while the US continues its internal review.<\/li>\n<\/ul>\n<p data-start=\"196\" data-end=\"1367\">Hong Kong has launched a public consultation on how it plans to introduce the international Crypto Asset Reporting Framework, known as CARF, as governments worldwide reshape their tax reporting systems for digital assets.<\/p>\n<p data-start=\"196\" data-end=\"1367\">The consultation, <a href=\"https:\/\/www.info.gov.hk\/gia\/general\/202512\/09\/P2025120900283.htm\">announced on Tuesday<\/a>, aims to <a href=\"https:\/\/www.fstb.gov.hk\/tb\/en\/others\/CARF_Consultation_Paper_(Eng)_(finalised)_(cln).pdf\">gather feedback<\/a> on both the technical rollout of CARF and related updates to local tax reporting rules.<\/p>\n<p data-start=\"196\" data-end=\"1367\">It forms part of Hong Kong\u2019s broader effort to align its crypto oversight with global transparency standards as authorities continue working to prevent cross border tax evasion.<\/p>\n<p data-start=\"196\" data-end=\"1367\">The move builds on the city\u2019s existing practice of exchanging financial account information with partner jurisdictions every year since 2018, rather than signalling a change in direction.<\/p>\n<article class=\"text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" tabindex=\"-1\" data-turn-id=\"request-691c0b8a-92f8-8322-a60e-412aeafc6371-6\" data-testid=\"conversation-turn-8\" data-scroll-anchor=\"true\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:--spacing(4)] @w-sm\/main:[--thread-content-margin:--spacing(6)] @w-lg\/main:[--thread-content-margin:--spacing(16)] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\" tabindex=\"-1\">\n<div class=\"flex max-w-full flex-col grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal [.text-message+&amp;]:mt-1\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"62a28951-6f27-46c3-b95b-b883e653ac2e\" data-message-model-slug=\"gpt-5-1\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[1px]\">\n<div class=\"markdown prose dark:prose-invert w-full break-words light markdown-new-styling\">\n<p data-start=\"58\" data-end=\"485\" data-is-last-node=\"\" data-is-only-node=\"\">The consultation also invites feedback on potential transitional arrangements that could help reporting entities adjust to new requirements without disrupting existing compliance systems.<\/p>\n<p data-start=\"58\" data-end=\"485\" data-is-last-node=\"\" data-is-only-node=\"\">It reflects the government\u2019s intent to manage industry adaptation smoothly while maintaining alignment with evolving international expectations for transparent digital asset reporting across interconnected financial markets globally today.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<h2 data-start=\"1369\" data-end=\"1412\">Hong Kong widens its regulatory review<\/h2>\n<p data-start=\"1413\" data-end=\"1894\">The consultation examines how CARF would operate alongside the Common Reporting Standard, another Organisation for Economic Co-operation and Development initiative that shapes international tax reporting.<\/p>\n<p data-start=\"1413\" data-end=\"1894\">By reviewing the two frameworks together, Hong Kong seeks to integrate crypto data sharing into established financial reporting systems.<\/p>\n<p data-start=\"1413\" data-end=\"1894\">The process reflects growing coordination between jurisdictions as they adapt policy tools to match the expansion of digital asset markets.<\/p>\n<h2 data-start=\"1896\" data-end=\"1939\">Global momentum influences the process<\/h2>\n<p data-start=\"1940\" data-end=\"2480\">CARF has been gaining traction around the world. In early November, 47 governments issued a joint pledge to adopt the framework at pace. Brazil has also been reported to be considering participation in the programme.<\/p>\n<p data-start=\"1940\" data-end=\"2480\">Other jurisdictions are moving more slowly. Switzerland postponed its own implementation until 2027 and is still assessing which countries it will exchange data with.<\/p>\n<p data-start=\"1940\" data-end=\"2480\">In the same month, the US reviewed an Internal Revenue Service proposal linked to joining CARF. Even with varied timelines, participation continues to rise.<\/p>\n<h2 data-start=\"2482\" data-end=\"2524\">More jurisdictions commit to adoption<\/h2>\n<p data-start=\"2525\" data-end=\"3020\">According to an <a href=\"https:\/\/www.oecd.org\/content\/dam\/oecd\/en\/networks\/global-forum-tax-transparency\/commitments-carf.pdf\">OECD list<\/a> updated on Dec. 4, 48 nations intend to adopt CARF by 2027 and another 27 by 2028, while the US has identified 2029 as its target year. This brings the total number of countries pledging to share crypto data to 76.<\/p>\n<p data-start=\"2525\" data-end=\"3020\">A separate <a href=\"https:\/\/www.oecd.org\/content\/dam\/oecd\/en\/topics\/policy-issues\/tax-transparency-and-international-co-operation\/carf-mcaa-signatories.pdf\">OECD list<\/a> confirms that 53 countries have already signed the Multilateral Competent Authority Agreement, the legal foundation for automatic information exchange. These commitments signal widening global support for unified reporting standards.<\/p>\n<h2 data-start=\"3022\" data-end=\"3066\">Cayman Islands activity draws attention<\/h2>\n<p data-start=\"3067\" data-end=\"3498\">Recent figures show a 70% annual increase in Cayman Islands foundation company registrations.<\/p>\n<p data-start=\"3067\" data-end=\"3498\">Legal professionals at Walkers noted that CARF likely excludes structures that solely hold crypto assets, including protocol treasuries, investment funds, or passive foundations.<\/p>\n<p data-start=\"3067\" data-end=\"3498\">This has raised questions about how certain entities may sit outside the data sharing perimeter as reporting rules continue to develop internationally.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/hong-kong-launches-crypto-consultation-as-worldwide-reporting-rules-evolve\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Seventy-six governments have pledged to share crypto data under CARF. Fifty-three countries have signed the agreement enabling automatic exchange. Switzerland delayed its timeline while the US continues its internal review. Hong Kong has launched a public consultation on how it plans [&hellip;]<\/p>\n","protected":false},"author":3947362361,"featured_media":64346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/64345"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362361"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=64345"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/64345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/64346"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=64345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=64345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=64345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}