February 21, 2025
By Our Correspondent
In a major announcement, the Securities and Futures Commission of Hong Kong has unveiled 12 initiatives aimed at facilitating the growth of the virtual asset industry in what it described as “ASPIRe” roadmap.
“We are considering derivative products for professional investors, margin lending for certain customers,” Julia Leung, city’s top securities regulator, told Coindesk’s Consensus Hong Kong 2025 conference.
The SFC said it is exploring the possibility of introducing licensing regimes for over the counter (OTC) ‘virtual asset’ marketplaces as well as virtual asset custodians.
The new roadmap also points out that it will be open in the future to activities hitherto not allowed such as new token issuance, margin trading, derivatives, taking, and borrowing/lending. Some will be restricted to professional investors, including derivatives and borrowing/lending.
“Adhering to the core principles of investor protection, sustainable liquidity and adaptive regulation, the roadmap in itself is a calibrated response to emerging VA market challenges and thus helps future-proof our ecosystem,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries.
“The roadmap is not a final destination but a living blueprint, one that invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails.”
“The initiatives will streamline access for global liquidity, enable adaptive compliance and product frameworks focusing on security, and drive infrastructure upgrades for traditional finance to tap into blockchain efficiency,” wrote Hong Kong-based FinTech consultant Syed Musheer Ahmed on LinkedIn.
Under the roadmap, new frameworks for regulating VA over-the-counter and VA custodian services will be developed, while VA product and service offerings will be expanded. Other measures encompass optimisation of operational requirements for VA trading platforms, combatting illicit activities, investor education and proactive stakeholder engagement.
Hong Kong has so far issued nine digital asset exchange platform licenses. Eight more are being currently considered, Leung said.
