The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have announced plans to adopt the European Securities and Markets Authority’s (ESMA) crypto OTC derivatives reporting requirements, Cointelegraph reported.
On September 26, the HKMA and the SFC said they would bring their OTC reporting requirements up to global standards following feedback on their consultation paper in March 2024.
Hong Kong stakeholders suggested using a digital token identifier (DTI) to clearly identify the underlying assets of crypto assets. HKMA and SFC responded that ESMA has implemented DTI in October 2023 and plans to adopt similar requirements in Hong Kong.
Hong Kong authorities propose to implement the new reporting requirements by September 29, 2025.
In addition, HKMA announced the launch of the second phase of the digital Hong Kong dollar (e-HKD) pilot study. Project e-HKD+ will focus on tokenized asset settlement, programmability and offline payments.