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Hong Kong SFC Officially Launches Regulatory Upgrade: Virtual Asset Institutions Must Migrate to STREAMS 2 System
The Securities and Futures Commission (SFC) of Hong Kong is advancing an important industry regulation initiative. According to the latest notice, all licensed virtual asset trading platforms, providers, and related regulated entities must complete system migration by the deadline on February 2. This move marks a new step forward for Hong Kong in strengthening regulation of the virtual asset sector.
Background of the New Generation Reporting System Launch
The Financial Intelligence Cooperation Department has jointly developed the latest generation suspicious transaction reporting system—STREAMS Version 2.0. This system will replace the existing reporting mechanism, with the core goal of enhancing automation and data analysis capabilities, enabling Hong Kong’s financial regulators to more efficiently track and handle suspicious fund flows. This reflects Hong Kong’s ongoing commitment to regulating the virtual asset industry.
Specific Migration Requirements for Licensed Entities
All regulated entities must complete the technical switch on schedule. Starting from February 2, STREAMS 2.0 will be the only official reporting channel. Organizations can choose to submit reports via XML format, upload standard PDF forms, or use online forms. This variety of submission methods aims to reduce compliance costs for organizations of different sizes.
Deeper Significance of Enhancing Regulatory Effectiveness
This system upgrade is not just a technical update but an important part of Hong Kong’s efforts to improve its financial regulatory framework. By increasing automation in report analysis, the SFC can identify risks, trace funds, and combat money laundering more quickly. For the virtual asset industry, this is also an opportunity to further build trust with regulators and gain policy support. This strengthened regulation demonstrates Hong Kong’s determination to maintain a leading position in global virtual asset regulation.