The Securities and Futures Commission (SFC) outlined 12 major initiatives to enhance the security, innovation and growth of Hong Kong’s virtual asset (VA) market under a five- pillar “ASPIRe” roadmap, which stands for Access, Safeguards, Products, Infrastructure and Relationships (see Appendix).

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.

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 (Note 1).

“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,” he added.

Note:

1. As part of its engagement efforts under the “Relationships” pillar, the SFC has recently conducted constructive dialogue with senior management of all licensed virtual asset trading platforms at the inaugural meeting of the Virtual Asset Consultative Panel. Please see the SFC’s press release issued on 14 February 2025 for details.

Source: SFC