Hong Kong Finance Professionals Press for Softer Terms on OECD Crypto Tax Reporting

Overview

• HKSFPA backed CARF’s transparency aims but urged locally calibrated rules to ease operational burdens for crypto firms.
• The group asked the government to cap currently uncapped per‑account penalties that could create outsized exposure for compliant institutions.
• It recommended safeguards to prevent routine personal liability for company directors, reserving individual penalties for misconduct.
• The submission sought stronger protections for sensitive client data and flexibility to transfer record‑keeping to regulated third parties when firms wind down.
• Hong Kong is counted by the OECD among 76 jurisdictions committed to CARF and one of 27 planning early exchanges, while officials pursue new licensing regimes for dealers and custodians alongside 11 already licensed trading platforms.