Hong Kong plans to implement a framework for reporting digital assets

According to ForSight news, the Government of the Hong Kong Special Administrative Region is conducting a public consultation on the implementation of a framework for reporting digital assets and amendments related to the common reporting standard. Financial Services and the Treasury Secretary, Christopher Hui, has confirmed Hong Kong's commitment to international tax cooperation and combating cross-border tax evasion. To meet international obligations, the government plans to amend the Inland Revenue Ordinance (Chapter 112) to implement the reporting framework and the referenced common reporting standard. This initiative is vital to maintaining Hong Kong's reputation as an international financial and commercial center.