Public consultation on implementation of Crypto-Asset Reporting Framework and amendments in relation to Common Reporting Standard launched
The Government today (December 9) launched a public consultation on the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) promulgated by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong.
Hong Kong has long been supportive of international efforts to enhance tax transparency and combat cross-border tax evasion. Since 2018, Hong Kong has been exchanging financial account information automatically with partner jurisdictions on an annual basis in accordance with the CRS developed by the OECD, which enables the relevant tax authorities to utilise such information for tax assessments, as well as for detecting and combating tax evasion.
In light of the rapid development of digital asset markets in recent years, in 2023, the OECD published CARF to provide for the automatic exchange of tax information on crypto-asset transactions with partner jurisdictions on an annual basis, and incorporated into the CRS new digital financial products and enhanced requirements regarding reporting and due diligence.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said,"To demonstrate our commitment to promoting international tax co-operation and combating cross-border tax evasion, as well as to fulfil our international obligations, Hong Kong will make amendments to the Inland Revenue Ordinance (Cap. 112) (the Ordinance) for implementing CARF and the newly amended CRS. This is also of paramount importance in maintaining Hong Kong's reputation as an international financial and commercial centre.
"The Government plans to complete the necessary local legislative amendments in the coming year, with a view to commencing the automatic exchange of tax information on crypto-asset transactions with relevant partner jurisdictions starting from 2028, and implementing the newly amended CRS starting from 2029. Hong Kong will implement the automatic exchange of tax information with suitable partners, which are required to meet the standards relating to the protection of data confidentiality and security, on a reciprocal basis."
In addition, since 2024, the OECD has been conducting the second round of a peer review on the effectiveness of Hong Kong's administrative framework for implementing the CRS. Having taken into consideration the OECD's views, the Government proposes, through amendments to the Ordinance, to introduce mandatory registration for financial institutions to enhance identification, as well as to raise the penalty levels and enhance the enforcement mechanism, in order to maintain a favourable rating in the OECD's peer reviews and maintain Hong Kong's reputation as an international financial and commercial centre.
The consultation paper is available on the website of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/tb/en/others/consultation.htm). It outlines CARF and the newly amended CRS promulgated by the OECD, and sets out in detail the abovementioned legislative proposals and relevant implementation matters (including reporting procedures, record-keeping requirements, penalty levels and enforcement, etc). Members of the public are welcome to forward their views on the proposals by post (24/F, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong) or email (carf@fstb.gov.hk) by February 6, 2026.
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan
Jointly organised by the Art Promotion Office under the Leisure and Cultural Services Department (LCSD) and the Shenzhen Fringe Art Center, the fourth exhibition "Debate on Form and Spirit" of the "Ink Art Ensembles" Exhibition Series in the Greater Bay Area (GBA) is on display until March 28 in Foshan. The exhibition focuses on exploring the dialectical relationship between "form" and "spirit" in traditional Chinese philosophy and aesthetics. Hong Kong artist Tony Ng's ever-changing ink stone landscapes, together with Jiangmen artist Ou Tingzhu's refined lacquer art sculptures, showcase creativity and interaction of tradition and innovation among GBA artists.
Ng's artwork at the exhibition integrates different media, including contemporary ink painting, acrylics, and photography. His ink art "A Stone's Dream" series narrates the dreams of a stone, and unfolds the artist's reflections on each stage of life. In the "Transcending Nature" series, Ng breaks from the tradition of using ink and paper in Chinese landscape painting, instead employing acrylics and canvas to capture the forms and spirit of mountains and rivers. The photography series "Transcend" shows the artist juxtaposing paintings and photographic artworks from different periods, with one part featuring cement blocks collected from construction sites to create dynamic photographs, while another part reveals their inherent vitality through flowing brushwork.
Ou's lacquer art creation explores the relationship between presence and disappearance, and between form and spirit. In the "Shanshui" series, the artist continues the emotional connection to mountains and water of the literati in the Tang and Song dynasties. Using elements such as mountains, water, pools and light as a starting point, he extracts the spirituality of the landscape from paper, embedding it into the fragmented visual experience of contemporary life. The "Monument" series was created using the traditional dry lacquer technique. The trace of each step is gradually covered and softened by the following layer, making it nearly invisible in the finished work.
The exhibition also displays an art installation, "Ontology", collaboratively created by the two artists. Using chess as a metaphor, each artist designed half of the chessboard and chess pieces, ultimately merging them into a cohesive whole. The chess pieces Ng created are the items collected from urban construction cement blocks, leftover glass from a glass workshop, and so on. Ou's chess pieces take the form of a series of lacquered bamboosegment vessels in varying sizes, which are rounded, warm and tactile. This collaborative chess game showcases their individual artistic identities while harmoniously blending both styles.
The exhibition is running at Xiqiao Mountain Art Museum (Youwei Art Museum), No. 10 Jinhu Avenue, Xiqiao Town, Nanhai District, Foshan. Admission is free. For details of the exhibition, please visit the website of the Art Promotion Office www.apo.hk/en/web/apo/there_ink_art_ensembles_debate_on_form_and_spirit.html, and follow the "apothere" page on Facebook www.facebook.com/apo.there, Instagram www.instagram.com/apo.there and Weibo weibo.com/apothere.
The exhibition is also one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit ccpo.gov.hk/en.
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
"Ink Art Ensembles" Exhibition Series in the Greater Bay Area - "Debate on Form and Spirit" staged in Foshan Source: HKSAR Government Press Releases
