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✨The Hong Kong Securities and Futures Commission (SFC) released the ASPIRe Roadmap on February 19, 2025. This roadmap presents a comprehensive regulatory strategy built on five key pillars with the aim of making Hong Kong a global virtual asset (VA) hub: A-S-P-I-Re (Access, Safeguards, Products, Infrastructure, Relationships).
The roadmap includes 12 key initiatives, focusing on investor protection, sustainable liquidity, and adaptable regulation. Key objectives:
🔹A (Access): Expanding quality access to the market; integrating global liquidity into licensed VA platforms (VATPs) (shared order books), allowing affiliated market makers, and developing new licensing regimes for VA dealing/custody.
🔹S (Safeguards): Strengthening investor security; Stricter custody rules, transparent disclosure requirements, and risk management measures.
🔹P (Products): Increasing product diversity; leveraged products such as staking services, margin financing (VA-backed loans), perpetual contracts (for professional investors only), borrowing/lending, and new token listing frameworks.
🔹I (Infrastructure): Building modern infrastructure; developing technological infrastructure to attract OTC trading, custody services, and liquidity providers.
🔹Re (Relationships): Strengthening global cooperation and industry relationships; coordination with international regulators and industry dialogue. Significant steps were taken within this framework during the 2025-2026 period: staking guidelines (April 2025), global liquidity integration and product expansion (November 2025), margin financing and perpetual contracts frameworks (February 2026). With these steps, the SFC aims to deepen Hong Kong's regulated crypto ecosystem and solidify its leading position in Asia.
#HKSFCUnveilsNewDigitalAssetRules
The Hong Kong Securities and Futures Commission (SFC) released new rules and guidelines on February 11, 2026, to revitalize the digital asset market. Under these guidelines, licensed brokers (VA brokers) were permitted to offer virtual asset (VA)-backed margin financing – specifically, assets like Bitcoin and Ether could be accepted as collateral, but subject to strict risk controls and investor suitability tests. Furthermore, a high-level framework was announced for the development of leveraged products, such as perpetual contracts, for licensed virtual asset trading platforms (VATPs). These products will be accessible only to professional investors and will include strict measures such as leverage limits, margin requirements, liquidation mechanisms, and transparency rules. These steps reinforce the SFC's goal of making Hong Kong a regulated crypto hub in Asia, as part of its regulatory expansion strategy under the ASPIRe Roadmap, which has been in place since 2025. It aims to increase market liquidity and further integrate traditional finance with digital assets.