The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have announced plans to require cryptocurrency companies in the region to use reporting standards adopted by the European Securities and Markets Authority (ESMA). The changes, scheduled to be approved by September 29, 2025, are aimed at improving the regulation of over-the-counter cryptocurrency derivatives and introducing unique product identifiers (UPI) and transaction identifiers (UTI) to record transactions in company reports.
Similar standards were introduced in the EU in 2023 and have already become mandatory for virtual asset service providers in Europe. Hong Kong authorities believe that such a move will harmonize national legislation with international best practice, which will make the regulatory system more transparent and unified.
Earlier, Hong Kong also announced its intention to tighten controls on the issuance of stablecoins and prohibit their offer to retail investors without a license from the regulator.