Everyone, there’s big news coming out of Hong Kong!

On December 9, the Hong Kong government officially launched a public consultation—planning to automatically share tax data on crypto asset transactions with other jurisdictions that have signed agreements, starting from 2028. By 2029, the updated version of the international Common Reporting Standard will be fully implemented.

To put it bluntly: if you buy and sell crypto or make money in Hong Kong, you could be on the tax authority's radar in the future, and your information might be shared with tax departments in other countries. Just like how bank transactions are tracked now, crypto assets will also become transparent.

Why is Hong Kong doing this? The Secretary for Financial Services and the Treasury, Christopher Hui, made it clear—this is to show the international community that Hong Kong is serious about combating tax evasion and promoting tax cooperation. After all, to maintain its status as an international financial center, Hong Kong must keep up with global regulatory standards. Crypto assets are being brought into the formal financial system, and the road to compliance will only get narrower.

What does this mean for ordinary users like us?

If you trade locally and report your taxes honestly, there’s basically nothing to worry about. But if you have tax residency in another country or region, you need to pay attention. In the future, every transaction you make in Hong Kong could be automatically sent to the relevant foreign tax authorities. Thinking about hiding assets in different places to avoid taxes? That path is pretty much closed.

So what should you do now? First, figure out your tax residency status. Second, familiarize yourself with crypto tax policies in relevant countries. Third, compliance is always the safest route. Don’t bet on luck—stricter policies are the big trend.