Hong Kong Crypto Industry Pushes Back on OECD Reporting Rules

[AIcash]

The Hong Kong Securities & Futures Professionals Association has urged the Hong Kong government to soften aspects of its planned rollout of the Organisation for Economic Co-operation and Development’s crypto reporting standards. While Hong Kong is among 76 jurisdictions committed to implementing the OECD’s Crypto Asset Reporting Framework (CARF), the association warned that strict application could expose local firms to outsized operational and legal risks.

CARF expands cross-border tax reporting for crypto users, while amendments to the existing Common Reporting Standard extend similar obligations from traditional finance into digital assets. The HKSFPA said it supports the overall policy direction but cautioned that poorly calibrated penalties and personal liability for directors could discourage participation and increase compliance risk without improving reporting quality.

[chainsniff]

reporting standards are fine, execution is where things usually break