**Hong Kong to Adopt European Crypto Reporting Standards**

Hong Kong's financial regulators, the HKMA and SFC, are set to align their crypto OTC derivatives reporting with European standards. Following a consultation paper from March 2024, the new rules will be implemented by September 2025.

Key points:

- Adoption of Digital Token Identifiers (DTI) for clear identification of crypto assets.

- Emulation of ESMA's reporting requirements, including the Unique Product Identifier (UPI).

- Continuous monitoring of global mandates to ensure competitiveness.

Additionally, Hong Kong's digital currency project, e-HKD, enters its second phase, focusing on tokenized asset settlement, programmability, and offline payments. This phase will last about a year and include a sandbox environment.