Cryptoassets Standard: SPM Modules, Code of Practice, Disclosure Templates and Tables, and Banking Returns

55th Floor, Two International Finance Centre, 香 港 中 環 金 融 街 8 號 國 際 金 融 中 心 2 期 55 樓 8 Finance Street, Central, Hong Kong 網 址：www.hkma.gov.hk Website: www.hkma.gov.hk Banking Policy Department Our Ref: B1/15C, B1/21C, B9/151C, B9/196C, CB/POL/4/5/34 27 November 2025 The Chief Executive All Authorized Institutions Dear Sir/Madam, Cryptoassets standard: SPM modules, code of practice, disclosure templates and tables, and banking returns I am writing to inform you that, following several rounds of industry consultation, we proceed to finalise (i) a set of new and revised Supervisory Policy Manual (“SPM”) modules and a revised code of practice, (ii) a revised package of disclosure templates and tables, as well as(iii) a set of banking return templates and the related completion instructions. SPM modules and code of practice We have finalised (i) the new SPM module CRP-1 “Classification of Cryptoassets” (Annex 1) and (ii) the revisions to a set of SPM modules and a code of practice as enclosed (Annexes 2(a) to 2(j)), which will take effect on 1 January 2026: 1 (a) CA-D-1 “Guideline on the Application of the Banking (Disclosure) Rules”; (b) CA-G-1 “Overview of Capital Adequacy Regime for Locally Incorporated Authorized Institutions”; 1 The SPM modules CRP-1 and CA-D-1 are available on the HKMA’s public website (https://brdr.hkma.gov.hk/eng/spm). The other SPM modules and the code of practice will be gazetted and published on the HKMA’s public website in December 2025.

2 (c) CA-G-5 “Supervisory Review Process”;2 (d) CR-G-8 “Large Exposures and Risk Concentrations”; (e) CR-G-9 “Exposures to Connected Parties”; (f) CR-L-5 “Major Acquisitions and Investments: BELR Part 3”; (g) LM-1 “Regulatory Framework for Supervision of Liquidity Risk”; (h) MR-1 “Market Risk Capital Charge”; (i) MR-2 “CVA Risk Capital Charge”; and (j) Banking (Exposure Limits) Code. The revisions are mainly for implementing the Banking (Capital) (Amendment) Rules 2025, the Banking (Disclosure) (Amendment) Rules 2025 and the Banking (Exposure Limits) (Amendment) Rules 2025 that will come into operation on 1 January 2026. In addition to a few textual and formatting enhancements, the further revisions made after the consultation mainly serve to: • clarify the prudential treatment of central bank digital currencies (“CBDCs”) and provide some flexibility in streamlining the classification assessment process for tokenised traditional assets in SPM module CRP￾1; and • clarify that transfers between books resulting from specific cryptoasset reclassifications are not considered a move between regulatory books and are not subject to the capital surcharge as required in SPM module MR-1. Disclosure templates and tables The Monetary Authority is issuing and specifying a revised package of standard disclosure templates and tables (with accompanying explanatory notes) pursuant to sections 6(1)(ab) and 88(1)(b) of the Banking (Disclosure) Rules (“BDR”). The revised package3 (Annex 3) is intended to be used by authorized institutions (“AIs”) for making disclosures under the BDR. The revised package mainly reflects the capital standards and disclosure requirements for cryptoasset exposures, featuring a new Part XII, as well as revisions to the existing templates and tables. 2 We would also like to take this opportunity to highlight that the provisions referencing climate-related financial risks in the SPM CA-G-5 will also take effect on the same date as this set of SPM modules. 3 For ease of reference, a marked-up draft highlighting changes over the current version in use is also enclosed (Annex 4).

3 Same as the commencement date of the Banking (Disclosure) (Amendment) Rules 2025, the revised package is expected to take effect on 1 January 2026. AIs should use the revised package for making disclosures for any reporting period ending after this date. The revised package can be accessed through the “Key Functions – Banking – Banking Legislation, Policies and Standards Implementation – Disclosure” icons on the HKMA’s public website (http://www.hkma.gov.hk) or through the Banking Regulatory Document Repository (https://brdr.hkma.gov.hk). Banking returns The reporting templates, completion instructions and XML files for the following banking returns are scheduled for AIs to download in December 2025. Apart from some textual changes, formatting adjustments as well as changes agreed with the industry, there will be no material revisions to the consultative versions of the reporting templates and the completion instructions. (a) Liquidity Position (MA(BS)1E); (b) Certificate of Compliance (MA(BS)1F(a) and (b)); (c) Capital Adequacy Ratio (MA(BS)3); (d) Return of Market Risk and CVA Risk Capital Charge (MA(BS)3A); (e) Return of Stable Funding Position of an Authorized Institution (MA(BS)26); (f) Return of Leverage Ratio (MA(BS)27); and (g) Return of Large Exposures (MA(BS)28). We would also like to confirm that a transitional arrangement will be available for MA(BS)1E, MA(BS)3, MA(BS)3A, and MA(BS)26. Under this arrangement, AIs that do not hold any cryptoasset exposures as at 1 January 2026 (“Transition AIs”) will be allowed to continue submitting their reporting using the existing return templates.4 The transitional period will last for six months, i.e. until 30 June 2026. Furthermore, in response to industry feedback, for cases where an AI with cryptoasset exposures (or any Transition AI that has acquired cryptoasset exposures after 1 January 2026) is not yet ready to submit a return using the revised reporting templates due to system-related challenges, the AI may agree 4 Please note that, notwithstanding this transitional arrangement, AIs should adopt the revised completion instructions for Part II and paragraph 6 of Part I of MA(BS)3 from 1 January 2026 in relation to other miscellaneous amendments unrelated to cryptoasset exposures.

4 with the HKMA on a temporary alternative arrangement for the reporting positions of 31 January 2026 up to 30 June 2026. For any inquiries related to this circular, please contact Mr Horace Lee (hhwlee@hkma.gov.hk) at 2878 1540 or Mr Lincoln Wong (llhwong@hkma.gov.hk) at 2878 1271. Yours faithfully, Donald Chen Executive Director (Banking Policy) Encl cc: The Chairperson, The Hong Kong Association of Banks The Chairperson, The DTC Association FSTB (Attn: Mr Timothy Wong)