Can Hong Kong confront crypto tax evasion?
Hong Kong’s push to develop a global digital-asset hub is entering a new phase as international tax authorities move to require greater reporting and information sharing in crypto markets.
The city is moving toward adopting the OECD’s Crypto Asset Reporting Framework, or CARF, a global tax transparency regime that would require centralized crypto exchanges to collect and share transaction data with tax authorities.
Crypto assets could fall under the same rigorous reporting system that already governs traditional offshore bank accounts.
For Hong Kong authorities, CARF requires a delicate balance of enforcing tougher oversight without undermining its appeal as a digital asset industry hub.
A crypto reality check
“Crypto…
