Hong Kong passes law requiring crypto exchanges to report customer transactions to tax authorities

From the source

Crypto firms must collect customer and transaction data from 2027, with Hong Kong sharing the information with overseas tax authorities from 2028. Hong Kong has passed a law requiring crypto exchanges and other covered service providers to collect customer and transaction data for tax purposes from 2027, with the information to be automatically shared with overseas tax authorities from 2028. The government said the rules will take effect in 2027 and that the first exchanges of information between tax authorities will begin in 2028. The law adopts the Organization for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF) , released in October 2022 and designed to help governments identify crypto transactions that may otherwise go unreported for tax purposes. Crypto exchanges and brokers covered by the rules will have to record customers' names, addresses, tax residency, and identification numbers, along with records of crypto purchases, sales, and…

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