The Securities and Futures Commission (SFC) has announced a new regulatory roadmap, ASPIRe, outlining 12 key measures to bolster Hong Kong’s position as a global virtual asset hub. Notably, the initiative focuses on enhancing security, fostering innovation, and expanding market growth.
Key Pillars of the SFC’s ASPIRe
The ASPIRe roadmap consists of five pillars: Access, Safeguards, Products, Infrastructure, and Relationships.
For context, these components aim to facilitate global liquidity access, strengthen regulatory compliance, and integrate blockchain technology into traditional finance.
Key measures include:
- A regulatory framework for over-the-counter (OTC) trading of virtual assets and custody services.
- Expansion of virtual asset products and services.
- Optimized operational requirements for trading platforms.
- Measures to combat illicit activities and enhance investor education.
- Strengthened engagement with stakeholders.
Regulatory and Industry Impact
“The new roadmap adheres to the core principles of investor protection, sustainable liquidity, and flexible regulation,” said Dr. Ye Zhiheng, Executive Director of the Intermediaries Department at the SFC in the announcement. “It provides a structured approach to overcoming challenges in the evolving virtual asset market and advancing Hong Kong’s ecosystem.”
Dr. Ye emphasized that the roadmap is an evolving framework requiring collaborative efforts from regulators, industry participants, and investors to establish Hong Kong as a global innovation hub while maintaining robust investor safeguards.
Strengthening Stakeholder Engagement
As part of the ‘Relationships’ pillar, the SFC recently convened the first meeting of its Virtual Asset Advisory Group. Senior executives from licensed virtual asset trading platforms participated in discussions aimed at enhancing communication and regulatory clarity.
Hong Kong has been steadily positioning itself as a leading jurisdiction for virtual assets, with past initiatives including the licensing regime for trading platforms and the authorization of spot Bitcoin and Ethereum exchange-traded funds (ETFs).
Notedly, the ASPIRe roadmap signals the government’s commitment to strengthening oversight while fostering innovation.
Market participants are expected to review and adapt to the new measures in the coming months as the SFC rolls out specific regulatory updates.
