Hong Kong Association recommends CARF implementation: relax certain rules, clarify penalty caps to protect compliant institutions

2026-01-19 11:00:12

Abstract generation in progress

[Crypto World] The Hong Kong Securities and Futures Professional Association recently submitted a report to the government regarding the crypto asset reporting framework. Overall, they support the introduction of the OECD’s CARF (Common Reporting Standard Revision) and promote the mandatory registration system for crypto service providers and the expansion of transaction reporting scope.

However, while supporting these measures, the association also提出了几个关键建议：对那些没有报告活动的机构应该适当降低监管要求、加强对个人数据的保护力度。特别是在公司停止运营时，允许他们把记录保存的责任转移给已获批的第三方机构来管理。

Most notably, the association explicitly指出现有方案存在隐患——没有上限的按账户罚款加上董事个人责任，这个组合拳可能让很多机构的合规成本爆炸。他们建议政府要划定明确的罚款上限，同时为那些诚心诚意做合规的公司打造保障机制。

背景一下，香港作为CARF框架的承诺方（全球76个市场之一），计划在2028年前完成首批数据交换。这意味着接下来几年的政策细化会直接影响本地加密行业的运营成本和国际竞争力。

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

15 Likes

Reward
15
4
Repost
Share

Comment

0/400

NoStopLossNut

· 01-19 11:26

Oh no, the no-limit fine setup is really outrageous. Small institutions are being driven to bankruptcy. --- Basically, they want to regulate but not push people to the brink. Hong Kong's move is somewhat strategic. --- The explosion in compliance costs hits the nail on the head. Not many small exchanges can withstand this kind of combined pressure. --- Strengthening data protection is still hard to see through; maybe it's just a paper tiger. --- It seems the Hong Kong association is quite rational. They can't just wipe out the entire industry right from the start. --- Limits, safeguard mechanisms, sound good, but I'm just worried that the implementation will be another story.

View OriginalReply0

MetaverseVagabond

· 01-19 11:14

This association in Hong Kong finally said something reasonable. Having no limit on fines is really outrageous. Who would dare to touch compliance like this?

View OriginalReply0

BlockchainBouncer

· 01-19 11:05

Hmm, this unlimited fine thing is really outrageous, making people afraid to comply.

View OriginalReply0

NftBankruptcyClub

· 01-19 11:04

Haha, it's that same old tune of "we support but need to protect," which sounds nice, but the real issue is the cap on fines. Otherwise, one account could be fined into bankruptcy, and then there's personal liability for directors? Forcing everyone onto the front lines. These documents are of limited significance; the key is how the Hong Kong government responds. Whether the rules can be changed is the real issue.

View OriginalReply0