Good day
I apologize for the delay in responding.
You didn't say what region you are operating in. Requirements for storing, identifying, handling and disposal of wastes vary among the regions. Your national and/or local government may publish requirements
as the U.S. EPA has done.
The web site I linked does not list any color coding requirements. Indeed, red receptacles are commercially available for short term storage of both flammable and biohazard waste. Also, given some persons are color blind, color coding may not be a reliable means of control.
So, please research your government's requirements in order to learn the expectations for hazardous waste management.