PANews reported on January 19th that, according to Cointelegraph, the Hong Kong Securities and Futures Professionals Association submitted its opinions to the government today, calling for appropriate relaxation of some rules when implementing the OECD's crypto asset reporting framework. The association supports in principle the introduction of CARF and revisions to common reporting standards, including mandatory registration for crypto service providers and expanding the scope of transaction reporting. However, the association also suggests lowering requirements for institutions with unreported activities, strengthening personal data protection, and allowing companies to transfer record-keeping responsibilities to regulated third parties when ceasing operations. The association warned that the current scheme's uncapped account-based penalties and directors' personal liability may increase compliance risks, and that clear penalty caps should be introduced to provide protection for companies acting in good faith. Hong Kong is one of the 76 markets that have committed to implementing CARF and plans to complete the first data exchange by 2028.