đ Hong Kong is on its way to becoming a global OTC cryptocurrency hub, adopting EU standards to improve reporting!
The Hong Kong Monetary Authority and the Securities and Futures Commission have just announced a big move, they plan to fully align Hong Kong's crypto derivatives reporting system with international standards by 2025.
This means that from September 29, 2025, all OTC derivatives reports will have to use unique transaction identifiers, unique product identifiers and key data elements.
This move will bring Hong Kong in sync with European financial reporting standardization, especially in the field of digital asset derivatives. The regulator also intends to simplify data fields to make the reporting process more efficient.
Moreover, Hong Kong will also adopt the ISO 20022 XML message standard for OTC derivatives reporting, which will greatly facilitate cross-border data sharing and analysis.
The implementation of these new rules is an important step for Hong Kong to maintain its leading position in the global financial field, while also ensuring regulatory consistency with major cryptocurrency and digital asset derivatives markets.
đ§ Viewpoint:
From a deeper perspective, this move by Hong Kong may have a demonstration effect on the global cryptocurrency market, and may prompt other countries and regions to take similar measures to regulate and promote the development of the cryptocurrency market.
In addition, this move also highlights that Hong Kong's leading position in the field of financial technology is becoming increasingly consolidated, which has important participation significance and far-reaching impact on leading the innovation and progress of the entire industry.
đŹFinally, what do you think of this new move by Hong Kong? Can't wait to see it become a global cryptocurrency hub? Come to the comment section to talk about your views!
