On the evening of October 23, the fifth live broadcast of the "Digital Asset Analyst Elite Gathering," co-hosted by the Hong Kong Registered Digital Asset Analysts Association (HKCDAA) and Uweb, was held as scheduled. This session focused on the theme "How Should Digital Assets Be Taxed?" and invited Calix Liu, founder and CEO of FinTax, as a special guest, with the association's Executive Secretary General Wang Hongbin as the host. The live broadcast was divided into a public session and an analyst-exclusive session, focusing on regulatory changes and compliance strategies for digital asset taxation, providing industry participants with in-depth insights and practical guidance.
Public Session: From "No Tax" to "No Place to Hide" — The Regulatory Turning Point for Digital Assets
The public session revolved around the regulatory trends in digital asset taxation. Calix Liu analyzed the shift of crypto asset taxation from a marginal topic to the core of regulation from a global perspective. He pointed out that early on, crypto assets were often seen as a "natural haven" for tax evasion due to their anonymity and decentralization. However, as the industry expanded to trillions of dollars, global regulatory agencies have significantly increased their focus on it. During the broadcast, Calix shared the following key points:
Inevitability of Tax Regulation: With the increasing wealth effect of the digital asset market, tax authorities in various countries are accelerating the improvement of regulatory frameworks. The United States has issued cryptocurrency tax guidelines since 2014, clearly treating it as an asset, covering personal income tax and capital gains tax. Other regions, such as some European countries and Japan in Asia, have also incorporated crypto assets into their tax systems, making tax compliance an essential path for industry development.
Types of Taxes and Application Scenarios: Calix detailed the main types of taxes related to digital assets:
Personal Income Tax: Applicable to remuneration or service fees received in digital currency, calculated at the current market value.
Capital Gains Tax: Applicable to the appreciation gains from buying and selling digital assets. For example, if Bitcoin is purchased for $10,000 and sold for $100,000, the difference is subject to capital gains tax.
Business Income Tax: For high-frequency traders, some regions (such as Hong Kong and Singapore) may classify their trading activities as business income rather than capital gains, requiring profit tax payment. He emphasized that different trading behaviors (such as airdrops, staking, DeFi, and contract trading) have varying tax treatments due to their nature, requiring specific analysis.
Progress of Global Regulatory Frameworks: Calix specifically mentioned the Crypto-Asset Reporting Framework (CARF) launched by the OECD, which is the crypto asset version of the Common Reporting Standard (CRS), aimed at achieving information exchange by regulating crypto asset service providers (such as exchanges and OTC platforms). The United States has independently introduced the 1099-DA form, requiring exchanges to report trading information to tax authorities and taxpayers, further enhancing transparency. These frameworks indicate that tax regulation is extending from fiat currency to on-chain assets, and the future ability for in-depth audits on individuals and businesses will be significantly enhanced.
The Uniqueness of Hong Kong: Hong Kong uses the source of income as the basis for tax determination, where capital gains tax is usually exempt, but high-frequency trading may be considered business income and subject to tax. Calix reminded that tax residency status and trading location are key factors affecting tax treatment, and investors need to clarify their tax identity to cope with potential audits.
The public session, through a review of global tax regulatory trends, made participants realize that digital asset taxation has shifted from "avoidable" to "no place to hide," emphasizing the importance of compliance awareness.
Analyst-Exclusive Session: The Cost of Financial Freedom — New Boundaries of Tax Planning and Compliance
The analyst-exclusive session focused on practical operations, providing deeper insights into tax planning for participants in the HKCDAA exam. Calix shared the following core content based on his experience with service institutions and high-net-worth clients:
1. The Difficulty and Opportunities of Auditing On-Chain Transactions: Calix admitted that pure on-chain transactions (such as DEX trading or transfers between wallets) currently face high auditing difficulties due to technical limitations, especially in mainland China, where regulatory focus remains on fiat currency exchange. However, with the implementation of frameworks like CARF and 1099-DA, centralized exchanges have become the focus of regulation, and the ability to track on-chain data may further improve in the future. He advised investors to operate cautiously, especially in scenarios involving fiat currency interactions, ensuring clear accounts to cope with potential audits.
2. Tax Planning Strategies for Businesses and Individuals
- At the Corporate Level: Calix mentioned that many companies establish low-frequency trading entities to operate in regions like Hong Kong or Singapore, where capital gains tax is exempt, to reduce tax burdens. However, tax authorities may challenge whether the trading frequency qualifies as "passive investment," and companies need to prepare sufficient evidence to prove the nature of their trading.
- At the Individual Level: Individual investors need to clarify their tax residency status and pay attention to whether the exchange is regulated by CARF or similar frameworks. He cited an example where trading on an unlicensed exchange in Hong Kong would still be subject to the operational location for tax purposes, but high-frequency trading might be reclassified as business income.
3. Actual Cases and Industry Trends: Calix shared cases he has serviced, particularly regarding the tax compliance needs of companies planning for IPOs and high-net-worth clients. These clients typically proactively seek cooperation with regulatory agencies to ensure business transparency and reduce risks. He pointed out that as the industry becomes more standardized, tax compliance will become an important component of corporate competitiveness, and future tax planning will need to balance returns with compliance costs.
4. Insights for the Industry: Calix emphasized that the trend of tax regulation is irreversible, and industry participants should shift from "resistance" to "compliance," actively understanding frameworks like CARF and 1099-DA, and seeking advice from professional tax teams. He predicted that with technological advancements and deepening international cooperation, tax auditing capabilities will further enhance, and businesses and individuals need to plan ahead to avoid pitfalls.
Event Highlights and Future Outlook
The live broadcast also introduced the latest developments of HKCDAA. On October 25, the association will hold the third-level digital asset analyst exam in Hong Kong, along with an offline networking event, inviting guests such as Zhao Chen, Executive Director of Renaissance Wealth, Zhang Weijian, Director of HashKey Wealth Management, and Calix Liu to share insights on business layout and talent needs in the digital asset industry. Additionally, Dr. Yu Jianing, a board member of the association, will introduce the latest policy trends in the U.S. market and the syllabus for the second-level exam to help candidates clarify their preparation direction.
At the end of the broadcast, Wang Hongbin and Calix stated that the topic of taxation will be further explored in future events, especially regarding the practicalities of tax planning for businesses and individuals. The association also encourages more people to register for the digital asset analyst exam on January 31, 2026, to enhance their understanding of the digital asset industry through systematic learning and community interaction.
The fifth live broadcast of the "Digital Asset Analyst Elite Gathering," using taxation as a starting point, revealed the transformation trend of the digital asset industry from "wild growth" to "compliance." The public session provided a broad audience with the latest developments in global tax regulation, while the analyst-exclusive session offered practical compliance strategy recommendations. With the advancement of frameworks like CARF and 1099-DA, digital asset tax compliance has become an issue that cannot be ignored, and industry participants need to enhance their tax awareness and proactively respond to regulatory challenges.
Digital Asset Analyst (HKCDAA) Qualification Certification Exam Introduction
The Digital Asset Analyst (HKCDAA) qualification certification exam launched by the Hong Kong Registered Digital Asset Analysts Association aims to provide authoritative certification for professionals in the digital asset field. The exam covers areas such as the basic theory of digital assets, blockchain technology, investment analysis, trading tools, risk management, regulatory laws and regulations, and professional ethics, cultivating and certifying professionals with a global perspective in digital assets.
The exam has now been officially included in the professional/vocational examination system recognized by the Hong Kong Examinations and Assessment Authority (listed on the authority's official website) and is administered by the Hong Kong Examinations and Assessment Authority, alongside internationally recognized exams such as HKDSE, CFA, and FRM, under a unified management system. This marks the official authoritative recognition of the exam by the Hong Kong Examination Authority, establishing its irreplaceable authoritative position in the digital asset industry and laying the foundation for the standardization and professionalization of talent in the digital asset field, which will inject more reliable professional strength into the Web3.0 industry.
The career development path after obtaining the certification is broad, including directions such as financial institutions and investment companies, digital asset exchanges and Web3.0 enterprises, regulatory agencies and compliance departments, digital asset investment and wealth management, and educational and research institutions. The applicable audience includes practitioners in financial institutions, digital asset practitioners, digital asset investors, regulatory agencies and compliance personnel, as well as students and beginners.
The fourth phase of registration offers a special price of 9,000 HKD, with a full waiver of the registration fee (a discount of 300 HKD). Those who complete registration by September 12 will also receive a "High-Frequency Exam Point Intensive Online Course" (valued at 15,000 HKD). Registration is open until September 30, 2025, with the exam date set for December 20, 2025.
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