Hong Kong Passes Crypto Reporting Law, With Collection Starting in 2027

Hong Kong’s Legislative Council passed a law Nov. 4 requiring covered crypto-asset service providers to collect customer identity and transaction records starting in 2027, adding crypto activity to the city’s tax-reporting system. Providers must gather customers’ names, addresses, tax residence and tax identification numbers. Records will include purchases, sales, crypto-to-crypto swaps and transfers to external wallets, with yearly transaction totals compiled. Hong Kong’s Inland Revenue Department is scheduled to begin automatically exchanging data with partner jurisdictions in 2028.

Also reported by The Defiant, Crypto Front News.

Source: TokenPost