2026-01-19 21:37:39

Hong Kong is facing a turbulent situation as the new crypto tax law, designed to promote transparency, turns out to be a double-edged sword that could harm the industry itself.

The crypto business community in Hong Kong is beginning to sound the alarm about the upcoming digital asset reporting framework, CARF, which is about to take effect. Entrepreneurs and companies in the industry suggest that although this policy started with good intentions, it may backfire, dampening market sentiment and pushing crypto companies to establish bases in other countries instead.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
6
Repost
Share

Comment

0/400

TokenVelocity

· 6h ago

With this blow from CARF, the Hong Kong dollar hasn't stabilized yet, and these people are about to run away again.

View OriginalReply0

RiddleMaster

· 6h ago

Hong Kong is causing trouble again. The promised transparency has instead driven business away, this tactic is really clever.

View OriginalReply0

On-ChainDiver

· 7h ago

Here we go again, this so-called "transparency" approach... the result is just driving people away, so ironic --- Hong Kong's recent actions are truly outrageous. As soon as CARF appeared, the ecosystem cooled down, and everyone moved to Singapore --- Got it. The so-called transparency is actually just a covert way to drive people out. Just move somewhere else and keep playing --- The policy's original intention was good, but the execution fell flat. This is the double-edged sword --- They've literally destroyed their own advantages... Hong Kong, really --- Why is regulation always so "smart," always pushing the cake onto others' plates

View OriginalReply0

StablecoinGuardian

· 7h ago

ay hong kong really shooting itself in the foot with this one ngl... transparency good but scaring everyone away? that's not the move 🤔

Reply0

HalfPositionRunner

· 7h ago

Another big regulatory move, but it ended up driving everyone away... Hong Kong's move really backfired.

View OriginalReply0

TokenomicsDetective

· 7h ago

Here we go again, the Hong Kong government's regulatory approach is really going back and forth... If they want transparent results, why scare people away?

View OriginalReply0