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Hong Kong Professionals Association Urges Regulators To Ease Crypto Reporting Rules
A Hong Kong industry group has urged the city’s regulators to ease aspects of the Organisation for Economic Co-operation and Development’s (OECD) crypto reporting rules ahead of its implementation.
Association Pushes To Soften CARF RequirementsOn Monday, the Hong Kong Securities & Futures Professionals Association (HKSFPA) released a response to the implementation of the OECD’s Crypto Asset Reporting Framework (CARF) and the related amendments made to Hong Kong’s Common Reporting Standard (CRS).
In their official response, the association shared its concerns about certain elements of the CARF and CRS amendments, warning that they could create operational and liability risks for market participants.
Notably, the HKSFPA affirmed that it mostly supports the proposals, but urged regulators to ease the record-keeping requirements for dissolved entities. “We generally agree with the six-year retention period to align with existing inland revenue and CRS standards,” they explained, “but we have concerns regarding the obligations placed on individuals post-dissolution.”
The industry group argued that holding directors or principal officers personally liable for record-keeping after dissolution poses significant practical challenges, noting that former officers of dissolved companies may lack the resources, infrastructure, and legal standing to maintain sensitive personal data of former clients.
As a result, they suggested the government “allow for the appointment of a designated third-party custodian (such as a liquidator or a licensed corporate service provider) to fulfill this obligation, rather than placing indefinite personal liability and logistical burden on former individual officers.”
Moreover, the association also cautioned that the proposed uncapped per-account penalties for minor technical errors. They asserted that this could lead to “disproportionately astronomical fines for systemic software errors affecting thousands of accounts where there was no intent to defraud.”
To solve this, they proposed a “reasonable cap” on total penalties for unintentional administrative errors or first-time offenses to ensure that the per-account calculation “is reserved for cases of willful negligence or intentional evasion.”
Additionally, the group suggested a “lite” registration or a simplified annual declaration process for Reporting Crypto-Asset Service Providers (RCASPs) that anticipate filing Nil Returns, to reduce administrative costs while still satisfying the Inland Revenue Department’s oversight requirements.
Hong Kong’s Crypto Hub EffortsNotably, Hong Kong is among the 76 markets committed to implementing the upcoming crypto reporting framework, which is the OECD’s new global standard for exchanging tax information on crypto assets.
The CARF is designed to prevent tax evasion by bringing crypto users across borders under global tax transparency rules, similar to the OECD’s existing CRS for traditional finance. Hong Kong will be among the 27 jurisdictions that will begin their first cross-border exchanges of crypto reporting data in 2028.
Over the past few years, Hong Kong financial authorities have been actively working to develop a comprehensive framework that supports the expansion of the digital assets industry, part of its strategy to become a leading crypto hub in the world.
As reported by Bitcoinist, the city is exploring rules to allow insurance companies to invest in cryptocurrencies and the infrastructure sector. The Hong Kong Insurance Authority recently proposed a framework that could channel insurance capital into cryptocurrencies and stablecoins.
Moreover, the Hong Kong Monetary Authority (HKMA) is expected to grant the first batch of stablecoin issuer licenses in the first few months of the year. The HKMA enacted the Stablecoins Ordinance in August, which directs any individual or entity seeking to issue a stablecoin in Hong Kong, or any Hong Kong Dollar-pegged token, to obtain a license from the regulator.
Multiple companies have applied for the license, with over 30 applications filed in 2025, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.
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NYSE Unveils Blockchain Platform For 24/7 Stock Trading – What You Need To Know
On Monday, the New York Stock Exchange (NYSE) unveiled its latest plan to develop a tokenized securities platform, utilizing blockchain technology to facilitate 24/7 stock trading, now seeking regulatory approval.
New Digital Trading Venue At NYSEAccording to Monday’s announcement, the proposed digital platform will offer a tokenized trading experience that includes around-the-clock operations, instant settlements, dollar-sized orders, and stablecoin (dollar-pegged cryptocurrencies) funding options.
By integrating the NYSE’s “advanced Pillar matching engine” with blockchain-based post-trade systems, the firm disclosed that the new platform will support multiple chains for settlement and custody, streamlining the trading process significantly.
Once regulatory approvals are secured, this platform will reportedly create a new venue at the NYSE for trading tokenized shares. These shares will not only be fungible with traditional securities but will also comprise tokens that are issued natively as digital assets.
Interestingly, tokenized shareholders will retain their rights, including eligibility for dividends and participation in company governance, much like traditional shareholders. The trading venue aims to align with established market structure principles and will provide non-discriminatory access to all qualified broker-dealers.
The launch of this tokenized securities platform is part of the Intercontinental Exchange’s (ICE) broader digital strategy, which includes preparing its clearing infrastructure for continuous trading and potentially integrating tokenized collateral.
Competition Heats UpICE is collaborating with major financial institutions like BNY Mellon and Citigroup to facilitate tokenized deposits across its clearinghouses. This effort will help clearing members manage funds and fulfill margin requirements outside of regular banking hours.
Lynn Martin, President of NYSE Group, emphasized the significance and innovation surrounding this development, stating:
For more than two centuries, the NYSE has transformed the way markets operate. We are leading the industry toward fully on-chain solutions grounded in unmatched protections and high regulatory standards.
The company’s President further stated that the New York Stock Exchange aims to combine trust with “state-of-the-art technology,” effectively reinventing market infrastructure to meet the evolving demands of a digital future.
Michael Blaugrund, Vice President of Strategic Initiatives at the Intercontinental Exchange, echoed Martin’s sentiment, noting:
Since its founding, ICE has propelled markets from analog to digital. Supporting tokenized securities is a pivotal step in our strategy to operate on-chain market infrastructure for trading, settlement, custody, and capital formation in the new era of global finance.
In parallel to these developments, the NYSE’s main competitor, Nasdaq, along with the CME Group, has intensified efforts to provide institutional investors with a regulated mechanism to measure cryptocurrency markets.
They recently reintroduced the Nasdaq Crypto Index, renamed as the Nasdaq-CME Crypto Index (NCI), designed to support products such as exchange-traded funds (ETFs) and structured funds. This move aims to establish clearer rules and governance for index-based cryptocurrency exposure.
Featured image from DALL-E, chart from TradingView.com
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