The Hong Kong government has launched a public consultation on the crypto asset declaration framework, planning to complete legislation by 2026 and start automatically exchanging crypto transaction tax information with compliant partners in 2028. This marks an active positioning of Hong Kong in the global trend of tax transparency. The CARF framework will require service providers such as exchanges to collect and report user transaction data, in conjunction with the revised CRS to achieve cross-border tax information sharing. Timing is crucial: it gives the market a two-year adaptation period and provides regulatory agencies ample preparation time. As an international financial center, Hong Kong must maintain its compliance reputation while balancing the need for innovative development. How will this affect the competitiveness of Hong Kong's Web3 ecosystem?