The Hong Kong Securities and Futures Professionals Association has urged the government to relax certain rules in the implementation of the OECD's crypto asset reporting framework. While supporting the introduction of the Crypto-Asset Reporting Framework (CARF) and updates to common reporting standards, the association recommends reducing requirements for institutions with unreported activities and enhancing personal data protection. It also suggests allowing companies to transfer record-keeping duties to regulated third parties when they cease operations. The association expressed concerns over the current framework's uncapped account-based penalties and directors' personal liability, advocating for clear penalty caps to mitigate compliance risks. Hong Kong, among 76 markets committed to CARF, aims to complete its first data exchange by 2028.
Hong Kong Association Urges Eased Rules for OECD Crypto Reporting
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