Hong Kong industry group pushes to soften CARF rules

The Hong Kong Securities & Futures Professionals Association is backing the OECD’s CARF and tougher tax transparency, but wants lighter treatment and more flexible recordkeeping.

The Hong Kong Securities & Futures Professionals Association (HKSFPA) has urged the city’s government to soften some elements of its planned implementation of the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting standards.

The industry body warned that the OECD’s Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could saddle local institutions with operational and liability risks.

CARF is a new standard for automatic tax information exchange for crypto asset users across borders, while CRS is the OECD’s existing automatic information exchange regime for traditional financial accounts.

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