Hong Kong passes crypto tax reporting bill, 8,000 firms to be affected

With the passage of a 2026 tax ordinance bill by Hong Kong's legislature last week, a related bill for a crypto asset reporting framework (CARF) has now entered the review stage, local media outlet Ming Pao reported. According to Chan Wai-man, a member of the Legislative Council, the new framework is expected to bring approximately 8,000 additional financial institutions under a mandatory registration and taxation scope. Chan added that the Hong Kong government collected over 100 million Hong Kong dollars in back taxes and penalties between 2018 and 2025.