🇭🇰 Hong Kong to adopt European reporting rules

✏️ Hong Kong's financial and stock market regulators, the HKMA and the SFC, intend to approve new reporting standards for cryptocurrency companies that comply with European ESMA requirements.

➡️ This will require updating the structure of over-the-counter cryptocurrency derivatives, as well as the use of unique product identifiers (UPI) and transaction identifiers (UTI) in reporting.

➡️ In a statement, the HKMA and SFC called these measures harmonisation of national legislation with international best practices.