Hong Kong finance group urges easing of OECD crypto reporting rules

The Hong Kong Securities and Futures Professionals Association (HKSFPA) has called for the easing of certain regulations within the OECD's Crypto-Asset Reporting Framework (CARF), according to Cointelegraph. The association stated that while it agrees with the overall direction of CARF and related amendments to the Common Reporting Standard (CRS), including mandatory registration and expanded transaction reporting, it is concerned the rules could impose excessive operational burdens and legal liabilities on financial institutions. CARF is a new international standard for the automatic exchange of tax-related information on crypto-asset users between countries.