Hong Kong Securities and Futures Professionals Association Calls for Relaxation of Certain Rules in Implementing OECD Crypto Asset Reporting Standards

PANews January 19 News, according to Cointelegraph reports, the Hong Kong Securities and Futures Professionals Association submitted comments to the government today, urging a relaxation of certain rules when implementing the OECD’s crypto asset reporting framework. The association generally supports the introduction of CARF and the revision of the Common Reporting Standard, including mandatory registration for crypto service providers and expanding the scope of transaction reporting. However, the association also recommends lowering requirements for institutions with no reporting activities, strengthening personal data protection, and allowing companies to transfer record-keeping responsibilities to regulated third parties when ceasing operations. The association warns that the current plan’s unbounded account-based penalties and individual director liabilities may increase compliance risks, and suggests introducing clear penalty caps and protections for companies acting in good faith. Hong Kong is one of the 76 markets committed to implementing CARF and plans to complete the first data exchanges by 2028.