Hong Kong Seeks Comments on Implementing Crypto Reporting Rules

Hong Kong is seeking public comments on implementing new global rules on the reporting of digital-asset transactions.

Hong Kong’s government launched a public consultation Tuesday on local implementation of the OECD’s Crypto-Asset Reporting Framework.

The consultation asks for comments on record-keeping requirements, the filing mechanism for CARF returns, and the proposed penalty framework for CARF, among other issues.

CARF requires reporting of crypto transactions and user information to tax authorities, in order to facilitate exchange of information with other jurisdictions.

• The OECD said last week that 75 jurisdictions have committed to implementing CARF, including “the vast majority” ...