$BTC Hong Kong Crypto Firms PUSH BACK Against OECD’s Global Crypto Surveillance Plan
A regulatory storm is brewing in Asia. Hong Kong crypto firms are pushing back hard against the OECD’s Crypto-Asset Reporting Framework (CARF), warning that rushing into compliance could create serious legal and operational risks without clearer guidance.
CARF isn’t light-touch regulation. It mandates cross-border sharing of crypto user identities and transaction data, effectively building a global crypto reporting pipeline. While the framework is scheduled to roll out by 2028, industry players in Hong Kong say the rules are still vague, fragmented, and potentially incompatible with local privacy and data protection laws.
The concern is clear: exchanges and service providers could be forced to choose between regulatory compliance and legal exposure. For a major crypto hub like Hong Kong, that tension matters — a lot.
As governments push for tighter oversight, crypto hubs are drawing lines. The question now is whether regulators clarify the rules… or risk pushing innovation elsewhere.
Is CARF the future of crypto regulation — or the start of a regulatory backlash? This debate is far from over.
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