The rules are expected to be approved by September 29, 2025. The new regime will update the current structure of over-the-counter cryptocurrency derivatives, as well as the use of unique product identifiers (UPI) and transaction identifiers (UTI) to reflect transactions in the accounts of cryptocurrency companies.
ESMA introduced new reporting rules in 2023 and they have now become the basis for virtual asset service providers across Europe. According to the HKMA and SFC, the implementation of the new rules will harmonize Hong Kong’s national legislation with international best practices.
Previously, Hong Kong authorities announced their intention to tighten legislation regarding issuers of stablecoins and prohibit any offers of these assets to retail investors without a license from the financial regulator.
Source: Bits
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