Hong Kong Industry Group Advocates for Balanced Crypto Tax Reporting Rules
Hong Kong's Securities & Futures Professionals Association (HKSFPA) has endorsed the OECD's Crypto Asset Reporting Framework (CARF) while urging modifications to ease compliance burdens. The group seeks capped penalties and safeguards against director liability, arguing current proposals could create operational risks for crypto entities.
CARF implementation, slated for 2028, WOULD establish Hong Kong as a hub for crypto data exchanges. The HKSFPA emphasizes the need for robust personal data protections within the reporting framework, balancing transparency requirements with practical business considerations.
Market participants view these regulatory developments as pivotal for institutional adoption. While supporting CARF's Core principles, the association's recommendations reflect industry concerns about preserving Hong Kong's competitive edge in digital asset markets.
