Hong Kong to align crypto OTC derivative rules with European standards

Two top-level Hong Kong financial regulators have co-announced their intent to adopt reporting requirements set by the European Securities and Markets Authority (ESMA) for crypto over-the-counter (OTC) derivatives. On Sept. 26, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) shared a plan to bring their OTC reporting requirements up to global standards after studying responses to a consultation paper from March 2024. Some Hong Kong stakeholders recommended using Digital Token Identifiers (DTI) “to unambiguously identify crypto-asset underliers for OTC derivatives.” 

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