According to @CoinMarketCap, Hong Kong has opened a public consultation to adopt the OECD Crypto-Asset Reporting Framework (CARF), targeting automatic cross-border crypto tax data exchange by 2028 (source: Hong Kong Government consultation announcement; @CoinMarketCap post dated Dec 11, 2025). The plan also sets implementation of the amended Common Reporting Standard (CRS) by 2029 (source: Hong Kong Government consultation announcement; @CoinMarketCap, Dec 11, 2025). Secretary for Financial Services and the Treasury Christopher Hui highlighted commitments to international tax cooperation and preventing cross-border tax evasion (source: statement in the Hong Kong Government consultation materials; @CoinMarketCap, Dec 11, 2025). Public feedback is open until February 6 (source: Hong Kong Government consultation notice; @CoinMarketCap, Dec 11, 2025). For traders and exchanges, CARF requires virtual asset service providers to conduct due diligence and report customers’ crypto-asset transactions to tax authorities once enacted, aligning Hong Kong with OECD standards and enabling automatic exchange of information among jurisdictions (source: OECD CARF 2022 framework; Hong Kong Government consultation announcement).

According to the source, the UK government has issued guidance requiring crypto exchanges to collect detailed transactional information from UK customers effective January 1, 2026 to strengthen tax compliance; source: HM Revenue & Customs. The measure aligns with the OECD Crypto-Asset Reporting Framework and signals tighter data collection and reporting standards that UK-facing venues and traders should plan for across onboarding and fund movement workflows ahead of the 2026 start date; source: OECD and HM Treasury.

According to the source, the Trump administration is advocating for U.S. participation in the OECD Crypto-Asset Reporting Framework (CARF) to enable the IRS to better identify Americans’ foreign crypto holdings; source: the source. CARF requires virtual asset service providers, exchanges, and custodians in participating jurisdictions to automatically report customers’ crypto account information to local tax authorities for exchange with partner countries under a common standard; source: OECD. OECD states that 48 jurisdictions have committed to implement CARF by 2027, including the EU and UK, expanding reporting coverage across major trading venues; source: OECD. For traders, U.S. alignment with CARF would raise KYC and cross-border reporting requirements for U.S. persons on offshore platforms, reduce opacity around cross-exchange flows, and narrow avenues for untaxed arbitrage, while the IRS has already finalized domestic digital asset broker reporting via Form 1099-DA beginning with 2025 transactions reported in 2026; sources: OECD and IRS.

According to the source, the UK tax authority HM Revenue & Customs is intensifying compliance outreach to crypto investors over unpaid gains, and HMRC classifies most cryptoasset disposals as taxable capital gains that must be reported via Self Assessment. Source: https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual The UK reduced the Capital Gains Tax annual exempt amount to £3,000 from April 2024, bringing more BTC and ETH profits into scope for tax reporting and payment. Source: https://www.gov.uk/capital-gains-tax/allowances HMRC can obtain user and transaction data from crypto exchanges using statutory information powers and data-gathering notices, while UK crypto firms must comply with the crypto Travel Rule, enhancing traceability of transfers. Source: https://www.gov.uk/guidance/checks-what-hmrc-can-do; https://www.fca.org.uk/firms/cryptoassets/travel-rule Late filing and late payment trigger penalties and interest, increasing effective trading costs for UK-based crypto traders if gains are unreported or paid late. Source: https://www.gov.uk/self-assessment-tax-returns/penalties; https://www.gov.uk/government/publications/interest-rates-for-late-and-early-payments/interest-rates-for-late-and-early-payments For trade planning, HMRC applies pooling and the same-day and 30-day matching rules to cryptoassets, affecting tax-loss harvesting and cost basis calculations, so accurate transaction records are essential. Source: https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual; https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg51500 Cross-border data visibility is set to expand as jurisdictions implement the OECD Crypto-Asset Reporting Framework, to which the UK has committed, increasing compliance risks for offshore holdings. Source: https://www.oecd.org/tax/exchange-of-information/crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.htm