A tremor, barely perceptible to the uninitiated, yet a seismic shift for those entangled in the labyrinthine world of finance – an industry group in Hong Kong, those poor souls perpetually wrestling with the spectral hand of regulation, has dared to suggest that perhaps, just perhaps, the Organisation for Economic Co-operation and Developmentās (OECD) crypto reporting rulesā¦ could be, shall we say, slightly adjusted before their imposition. One shudders to think what bureaucratic nightmares await.
Association Pushes To Soften CARF Requirements
On Monday – a day like any other, filled with the quiet desperation of existence – the Hong Kong Securities & Futures Professionals Association (HKSFPA), a gathering of the financially afflicted, released their pronouncements regarding the implementation of the OECDās Crypto Asset Reporting Framework (CARF) and the amendments to Hong Kongās Common Reporting Standard (CRS). A response, naturally. Because what else does one do when facing the inevitable tide of paperwork?
Their official response, a document likely born from sleepless nights and copious amounts of strong tea, expressed concernsā¦ concerns! About certain elements of the CARF and CRS amendments. A warning, you see, that these rules might create operational and, oh heavens, liability risks! The audacity of expecting accountability! š
The HKSFPA, with the air of reluctant acceptance, affirmed a general agreement with the six-year retention period – because six years is apparently reasonable in the grand scheme of bureaucratic torment. But thenā¦ the dissonance. Concerns regarding the obligations placed on individuals after dissolution. As if the dead should be burdened with the anxieties of the living. Truly, a cruel irony.
The logic, if one can call it that, is this: holding former directors liable for record-keeping after a companyās demise isā¦ impractical. They may lack resources! Infrastructure! The very right to exist in a legal sense! The suggestion? A third-party custodian. Naturally. Because shifting responsibility is always the most elegant solution. One almost feels pity for the poor souls tasked with actually solving this mess.
And then, the penalties. Oh, the penalties! Uncapped, they propose, for minor technical errors. A delightful prospect – to be ruined utterly for a misplaced decimal point. They advocate for a āreasonable cap,ā naturally. As if reason has any place within the cold, unfeeling heart of regulation.
Finally, a glimmer of pragmatism (or perhaps just a desperate plea for mercy): a lighter registration process for those filing Nil Returns. Because even officialdom must acknowledge, surely, that sometimes there isā¦ nothing to report! š
Hong Kongās Crypto Hub Efforts
Hong Kong, you see, is attempting to position itself as a crypto hub. An admirable, if slightly delusional, ambition. Among 76 markets committed to this new global standard – a collective plunge into the abyss of tax transparency!
The CARF, in its infinite wisdom, aims to prevent tax evasion. As if criminals are deterred by mere rules and regulations. Hmmph. Hong Kong will begin exchanging data in 2028, assuming the world hasn’t descended into complete chaos by then.
Financial authorities have been āactively workingā on a framework to support the expansion of digital assets. A commendable effort, akin to rearranging deck chairs on the Titanic, perhaps, but commendable nonetheless. They dream of becoming a leading crypto hub. A noble dream, steeped in the inherent contradictions of modern existence.
They are exploring allowing insurance companies to invest in cryptocurrencies – a gamble of epic proportions! And the HKMA expects to grant stablecoin licensesā¦ soon, they say. August’s ordinance requires licensing for anything Hong Kong Dollar-pegged, a circular logic that is, admittedly, rather fascinating. Over 30 applications already filed in 2025. The desperation is palpable, one can almost taste it.
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2026-01-20 10:14