Hong Kong Financial Services and Treasury Bureau: Plans to submit four draft regulations for the supervision of virtual asset service providers this year.

PANews reported on January 30 that, according to a Hong Kong government press release, Secretary for Financial Services and the Treasury Christopher Hui stated at a Legislative Council policy briefing on January 30 that the Financial Services and the Treasury and the Securities and Futures Commission (SFC) jointly published a consultation conclusion in December last year regarding legislative proposals to establish a regulatory regime for virtual asset trading and custody service providers, and are currently formulating details of the relevant regulatory regime. The Financial Services and the Treasury and the SFC are also further consulting the public on the establishment of a regulatory regime for service providers offering advice on virtual assets and virtual asset management service providers, with the goal of submitting a draft ordinance to the Legislative Council this year regarding the regulatory regime for the aforementioned four service providers.

The government will submit legislative proposals to the Legislative Council this year to implement the revisions to the OECD’s crypto asset reporting framework and common reporting standards, with the aim of automatically exchanging tax information related to crypto asset transactions with other tax jurisdictions from 2028 onwards, in line with international efforts to combat cross-border tax evasion.