Hong Kong looks to become global OTC crypto center with new EU style reporting
Hong Kong seems to alter into world OTC crypto center with original EU vogue reporting Hong Kong seems to alter into world OTC crypto center with original EU vogue reporting
Hong Kong to align crypto derivatives reporting with world standards by 2025.
Duvet art/illustration by strategy of CryptoSlate. Portray includes mixed bid which may moreover fair embody AI-generated bid.
Hong Kong’s financial regulators enjoy presented plans to harmonize the metropolis’s over-the-counter (OTC) derivatives reporting regime, including crypto derivatives, with world standards. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Price (SFC) released a joint session conclusion outlining changes that can elevate the metropolis’s rules per European and world practices.
The original rules, location to rob elevate out on September 29, 2025, will mandate the use of Odd Transaction Identifiers (UTI), Odd Product Identifiers (UPI), and Serious Records Ingredients (CDE) for OTC derivatives reporting. These changes operate to facilitate world standardization and harmonization of recordsdata parts reported all through world OTC derivatives reporting regimes.
Significantly, the regulators enjoy addressed the rising self-discipline of digital asset derivatives. Because the HKMA and SFC reported,
“On condition that the Digital Token Identifier (DTI) has been proposed as an allowable reportable worth in the upcoming session of version 4 of the CDE Technical Steering, we can accommodate the use of DTI in our reporting requirements.”
This switch aligns Hong Kong with European efforts to standardize digital asset identification in financial reporting.
The regulators enjoy also streamlined the preference of mandated knowledge fields to be “in the range of that in the EU, the US, and other APAC jurisdictions,” hanging a steadiness between complete reporting and operational efficiency for market participants.
Furthermore, Hong Kong will adopt the ISO 20022 XML message identical earlier for OTC derivatives reporting, a switch that has obtained big enhance from trade stakeholders. This adoption will be definite consistency with world reporting practices and facilitate execrable-border knowledge sharing and prognosis.
These changes signify a considerable step in Hong Kong’s efforts to motivate its self-discipline as a leading world financial center whereas making sure regulatory alignment with major crypto and digital asset derivatives markets.
Liam 'Akiba' Wright
Also identified as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized expertise has the aptitude to compose in vogue definite trade.
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