Hong Kong’s Draft Ordinance on the Crypto Asset Reporting Framework Has Entered the Review Stage

According to Hong Kong’s Ming Pao newspaper, Legislative Council member Kan Wai-man revealed that the “2026 Inland Revenue (Amendment) (Automatic Exchange of Information) Bill” was passed by the Legislative Council last week, and the Crypto-Asset Reporting Framework (CARF) bill has entered the deliberation stage. Kan Wai-man stated that from 2018 to 2025, the Hong Kong government has recovered over HK$100 million in taxes and penalties, and an additional approximately 8,000 financial institutions are expected to be required to register mandatorily in the future.