LegCo to Consider Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 on November 4

LegCo to consider Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026

The following is issued on behalf of the Legislative Council Secretariat:

The Legislative Council (LegCo) will hold a meeting on Wednesday (November 4) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

On Members' motions, Ms Christine Fong will move a motion on "Combating bid-rigging and promoting the criminalization of bid-rigging". The motion is set out in Appendix 1. Mr Ray Wong, Mr Chris Ip and Ms Joephy Chan will move separate amendments to Ms Fong's motion.

Source: HKSAR Government Press Releases

Mr Chan Cho-kwong will move a motion on "Adhering to the principle of 'ageing in place as the core' for the building of an elderly-friendly community". The motion is set out in Appendix 2. Mr Yang Wing-kit, Professor Chan Wing-kwong and Mr Chan Pui-leung will move separate amendments to Mr Chan's motion.

Source: HKSAR Government Press Releases

Meanwhile, Professor Lau Chi-pang will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending subsidiary legislation. The proposed resolution is set out in Appendix 3.

Source: HKSAR Government Press Releases

Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.

The agenda of the above meeting is available on the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the "Webcast" system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.

The Legislative Council. Photo source: reference image

HKMA and HKUST launch PQC Toolkit to support banks' quantum preparedness

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) and the Hong Kong University of Science and Technology (HKUST) today (November 2) launched the Post-Quantum Cryptography (PQC) Toolkit (Toolkit), with support from industry participants. The Toolkit sets out a structured and comprehensive framework to guide banks in planning and advancing their PQC transition journeys.

The Toolkit supports banks in establishing clear governance and accountability, assessing cryptographic exposure, identifying transition needs, as well as monitoring implementation progress. The Toolkit also brings together key planning considerations to facilitate an orderly and risk-based transition.

In particular, the Toolkit includes a suite of practical tools to help banks get started with practical assessment and planning, such as taking stock of their cryptographic assets and dependencies, defining transition priorities, strengthening engagements with suppliers and developing practical transition timelines accordingly.

In response to the potential cybersecurity risks associated with future advances in quantum computing, the HKMA launched the Quantum Preparedness Index (QPI) (Note 1)in July 2026 to assess the banking sector's preparedness for the quantum-safe cryptography. The initial QPI score of 2.3 out of 10 indicated that, while the sector had begun addressing quantum-related developments,its overall readiness for the transition to PQC remains at an early stage. Co-developed by the HKMA and theHKUST, the Toolkit aims to support banks in translating awareness into concrete actions, driving the sector towards full quantum readiness, that is, a QPI score of 10 by 2030.

The collaboration reflects theHKUST's role in advancing understanding of emerging technologies and their implications for business and society. Drawing on the multidisciplinary expertise across cybersecurity, cryptography, finance, economics, corporate governance, and technology applications, theHKUST is contributing to one of the critical challenges emerging from advances in quantum computing.

Deputy Chief Executive of the HKMA Mr Arthur Yuensaid, "The Quantum Preparedness Index has established a clear starting point for the sector. The next step is to help banks translate that understanding into clear responsibilities, informed priorities and practical plans. Through our collaboration with theHKUST and the industry, the Toolkit provides a common foundation that banks can adapt to their own circumstances. Our aim is to make it easier for banks to begin the work and sustain progress throughout the transition."

The Dean of the School of Business and Management at HKUST, Professor Frederik Anseel,said, "Preparing for the quantum era is a leadership challenge. Banks can build the knowledge and organisational capability they need even while the timing of the threat remains uncertain. Our collaboration with the HKMA and industry translates academic research and practical experience into guidance that banks can use. By starting with manageable steps and learning from trials, banks can strengthen their preparedness over time."

The collaboration brings together the HKMA's supervisory perspective, theHKUST's academic expertise and practical insights from the industry. Through this co-development approach, the Toolkit will be updated over time to reflect evolving technological developments, international standards and industry implementation experience. The Toolkit is available in the Fintech Knowledge Hub section of the HKMA website (Note 2).

Note 1: HKMA launches quantum preparedness whitepaper and index to support banking sector's readiness for quantum era www.hkma.gov.hk/eng/news-and-media/press-releases/2026/07/20260727-3/

Note 2: Toolkit Circular

brdr.hkma.gov.hk/eng/doc-ldg/docId/20261102-3-EN

Source: AI-found images