[Hong Kong Securities and Futures Professionals Association: Supports Mandatory Registration to Implement CARF, Suggests Simplifying Zero Reporting and Introducing API Automation Mechanism] BlockBeats News, January 19, the Hong Kong Securities and Futures Professionals Association submitted a position paper on the implementation of the Crypto-Asset Reporting Framework (CARF) and CRS amendments in Hong Kong. The association supports mandatory registration for RCASP and RFI to align with OECD standards and maintain Hong Kong's status as a financial center. The association suggests providing simplified or lightweight registration and reporting mechanisms for 'zero reporting' entities to reduce compliance costs, while supporting the use of administrative fines instead of criminal liability. In addition, the association supports adopting a 'dual reporting' default scheme for CARF and CRS to reduce system complexity and the risk of underreporting. It also calls for the provision of API reporting interfaces to meet the automated compliance needs of large crypto institutions.