Hong Kong’s Legislative Council has passed legislation adopting the OECD’s Crypto-Asset Reporting Framework (CARF), setting out new information-collection duties for crypto service providers from January 2027. The government confirmed the bill’s passage on November 4. Under the framework, businesses that fall within its scope will have to identify customers, establish their tax residency and report specified crypto transactions to the Inland Revenue Department (IRD). Hong Kong plans to begin exchanging the information with participating jurisdictions in 2028. The same legislation also updates the Common Reporting Standard (CRS), which covers financial account information and will include additional digital financial products. The changes concern tax reporting and information exchange; they do not introduce a blanket tax on crypto holdings or prohibit people from trading digital assets.