February 13, 2026
By Our Correspondent
New guidelines permitting licensed brokers to provide margin financing for trading digital assets were issued by Hong Kong’s Securities and Futures Commission on Wednesday. A framework for perpetual contract products for professional investors on platforms that have been approved was also devised by the regulator.
With sufficient collateral, licensed intermediaries can now offer virtual asset financing to securities margin clients. Subject to internal risk controls and customer suitability evaluations, only Bitcoin and Ethereum are allowed as collateral under the original framework.
In order for approved virtual asset trading platforms to offer perpetual contracts, the SFC specified prerequisites. Strict risk management measures, including as leverage restrictions, margin requirements, liquidation procedures, and increased disclosure requirements, must be implemented in products.
Perpetual contracts are still only available to experienced investors. Platforms are required to exhibit sufficient internal controls and adhere to continuous regulatory oversight.
Affiliated businesses are allowed to act as market makers on approved cryptocurrency platforms under separate guidelines. In order to manage conflicts of interest and enhance liquidity, the arrangement calls for governance frameworks, disclosure procedures, and surveillance systems.
According to SFC Executive Director of Intermediaries Eric Yip, the regulator is more concerned with price discovery and market depth than with quick growth. He said at Consensus Hong Kong that the measures seek to increase investor trust by combining ethical product innovation with more access.
The actions are intended to solve the liquidity fragmentation that has limited approved exchanges, according to Tim Sun, senior researcher at HashKey Group. Efficiency and price quality should be enhanced by using compliant methods to access global market depth, Sun continued.
The framework expands upon the evolution of Hong Kong’s digital asset policy. Along with revisions linked to the OECD’s Crypto-Asset Reporting Framework, authorities indicated in January that they would propose draft legislation pertaining to crypto advising services in 2026.
According to the Hong Kong Monetary Authority, initial stablecoin issuer licenses should be granted in March. As the authority sets up monitoring protocols for the issuance of fiat-backed cryptocurrencies, approvals will be restricted.
