CARF Global Implementation Timeline Overview: What Are the Commitments of Mainland China and Hong Kong?
CARF (Crypto-Asset Reporting Framework) is a global framework for the automatic exchange of tax-related data on crypto-assets, targeting crypto-asset service providers as reporting entities. As of the end of 2025, 76 jurisdictions have committed to implementing CARF, with a phased rollout plan. The first group, including the UK and EU member states, will begin automatic information exchange in 2027. The second group, which includes Singapore, the United Arab Emirates, and Hong Kong, is scheduled to fully implement the framework in 2028. Data collection for reportable transactions will begin one year prior, starting in 2026.
Hong Kong has explicitly committed to implementing CARF. It plans to start collecting crypto-asset transaction data in 2027 and commence automatic tax information exchange with partner jurisdictions in 2028. Service providers operating in Hong Kong must establish compliance and reporting mechanisms.
In contrast, Mainland China has not yet committed to CARF and is not included in any of the implementation batches. It is also not listed by the OECD as a jurisdiction with relevance that has yet to commit. Under its current regulatory framework, which imposes strict limitations on crypto-asset activities, there are no legal crypto-asset service providers that could be integrated into the CARF system. Therefore, in the short term, Mainland China does not meet the conditions for participating in CARF's routine information exchange.
It is noted that Mainland China has extensive experience with the Common Reporting Standard (CRS) since 2018. Should its crypto regulatory policies change in the future, it possesses the institutional and technical capacity to align with CARF. However, given the present policy environment, the likelihood of Mainland China joining the framework around or after its 2027 launch remains low.
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