WuShuo has learned that the Hong Kong Securities and Futures Professionals Association has submitted a position paper on the implementation of the Crypto-Asset Reporting Framework (CARF) and CRS amendments in Hong Kong. They support mandatory registration for RCASP and RFI to align with OECD standards and maintain Hong Kong's status as a financial hub. The association suggests providing simplified or lightweight registration and reporting mechanisms for 'zero-reporting' entities to reduce compliance costs, while also supporting administrative fines instead of criminal liability. Additionally, the association backs the adoption of a 'dual reporting' default scheme for CARF and CRS to reduce system complexity and minimize underreporting risks. They also call for the provision of API reporting interfaces to meet the automated compliance needs of large crypto institutions. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=55325