- 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 to introduce the international Crypto Asset Reporting Framework, known as CARF, as governments worldwide reshape their tax reporting systems for digital assets.
The consultation, announced on Tuesday, aims to gather feedback on both the technical rollout of CARF and related updates to local tax reporting rules.
It forms part of Hong Kong’s broader effort to align its crypto oversight with global transparency standards as authorities continue working to prevent cross border tax evasion.
The move builds on the city’s existing practice of exchanging financial account information with partner jurisdictions every year since 2018, rather than signalling a change in direction.
The consultation also invites feedback on potential transitional arrangements that could help reporting entities adjust to new requirements without disrupting existing compliance systems.
It reflects the government’s intent to manage industry adaptation smoothly while maintaining alignment with evolving international expectations for transparent digital asset reporting across interconnected financial markets globally today.
