Hong Kong has initiated a public consultation to amend its Inland Revenue Ordinance, aiming to implement a crypto asset reporting framework in line with the OECD's revised Common Reporting Standards. The proposed changes, announced on December 9, will enable automatic exchange of tax data on crypto transactions with relevant jurisdictions starting in 2028. This initiative seeks to enhance tax transparency and combat cross-border tax evasion, reinforcing Hong Kong's status as a global financial hub. The government also plans to introduce mandatory registration for financial institutions, increase penalties, and optimize enforcement mechanisms to meet the OECD's administrative framework assessments beginning in 2024. Public feedback on these proposals is invited until February 6, 2026, via mail or email, with further details available on the Financial Services and the Treasury Bureau's website.