A supplied report says Hong Kong Deputy Secretary for Financial Services and the Treasury Chen Haolian has announced a new step in implementing the city’s planned crypto reporting regime: a task force to address industry questions ahead of a reported 2027 launch. Under the report, relevant crypto service providers would register with tax authorities and retain due-diligence records. Secondary coverage indicates that customer data collection would begin in 2027, followed by cross-border information exchange from 2028.

What the reported 2027 regime would require

The supplied report says Hong Kong is preparing a crypto reporting framework for 2027 under which relevant providers would register with tax authorities and retain due-diligence records. The immediate impact for firms would therefore be a compliance obligation, rather than a new headline tax rate on digital assets.

Secondary coverage in a crypto.news search-result snippet outlines a more detailed reporting chain: covered businesses would collect customer and transaction information in 2027, submit it to Hong Kong’s Inland Revenue Department, and the department would exchange the information with partner jurisdictions from 2028. In practice, this suggests a phased system in which providers first collect and retain data, with cross-border sharing later handled through the tax authority.

Which crypto activities are most clearly indicated

The activity types most clearly identified in current secondary coverage are exchanges, brokers, dealers and certain crypto-ATM operators that facilitate customer transactions. This suggests the initial scope would focus on transaction intermediaries, rather than every company with ties to digital assets.

The supplied report also makes clear that scope remains the central industry question. It specifically highlights uncertainty around custody, brokerage and over-the-counter trading, while the available evidence does not establish whether custody-only services or pure OTC desks would fall within the first wave.

What 2028 data sharing would mean in practice

The available secondary description indicates that Hong Kong’s tax authority would first receive reports from providers, then exchange information with partner jurisdictions from 2028. That is more limited than suggesting foreign tax authorities would receive direct access to platform systems or raw exchange databases.

It remains unclear which jurisdictions would form the first exchange group. The supplied report says the initial partner list will be significant because it will determine which countries’ tax authorities could ultimately receive transaction information linked to Hong Kong platforms after 2028. However, the available material does not establish a jurisdiction list.