Hong Kong’s Securities and Futures Commission (SFC) has launched a complete roadmap outlining strategic initiatives designed to strengthen the town’s place as a number one international hub for digital property.
The SFC’s “ASPIRe” roadmap introduces a five-pillar framework—Access, Safeguards, Products, Infrastructure, and Relationships—every focusing on key facets of the digital asset ecosystem, as per the SFC’s Wednesday announcement.
The 12-initiative roadmap is crafted to foster progress by enhancing market entry, tightening regulatory safeguards, and increasing the vary of digital asset merchandise out there.
“This roadmap is just not a closing vacation spot however a residing blueprint,” mentioned Dr. Eric Yip, Executive Director of Intermediaries on the SFC, including that it “invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails.”
If fully implemented, Hong Kong’s regulatory watchdog hopes the roadmap will create a more inclusive, secure, and innovative environment for virtual assets, ensuring Hong Kong remains a competitive and attractive destination for global platforms and institutional players.
Key pillars of the ASPIRe roadmap
The Access pillar is to streamline market entry by introducing new licensing frameworks for OTC trading and custodians.
The Safeguards pillar focuses on enhancing investor protection with refined operational requirements and compliance measures, and the Products pillar is for expanding virtual asset offerings, including new token listings and derivatives.
The Infrastructure pillar modernizes market oversight, utilizing advanced technologies to ensure market integrity, while the Relationships pillar promotes collaboration with industry stakeholders through continuous dialogue and regulatory refinement.
The SFC plans to build on its success by offering further clarity and improvements to its regulatory framework, including the introduction of a framework for virtual asset custodians.
The government’s regulatory approach also includes a review of over-the-counter (OTC) trading activities, with expectations for a second consultation round and a final licensing regime for custodians by the end of 2025.
Jodee Lee, Head of Legal at crypto exchange Flipster, told Decrypt that Hong Kong’s phased approach to virtual asset regulation, “reflects a calculated strategy to balance market growth with risk management.” Lee added that, “By initially permitting access to professional investors only, the SFC ensured that trading platforms could refine compliance protocols, stress-test their operational resilience, and implement investor protections without exposure to retail participants.”
In addition to the roadmap’s strategic pillars, Hong Kong has made notable progress within the digital asset house.
The SFC’s proactive strategy contains the introduction of a Virtual Asset Trading Platform (VATP) licensing regime in 2023, designed to give clear steerage to crypto firms wishing to function within the area.
By February, the SFC had licensed 10 platforms, together with trade leaders corresponding to Bullish and HashKey.
Regional competitors
While Hong Kong is carving out its area of interest as a frontrunner in digital asset regulation, it faces rising competitors in Asia, notably from Singapore.
The latter is increasing its digital asset companies throughout the area, with giants like Robinhood already setting their sights on the town.
“Both Singapore and Hong Kong operate strict regulatory regimes for virtual asset exchanges, Chengyi Ong, Head of Policy APAC at Chainalysis, told Decrypt. “Ultimately, the race to attract global businesses is unlikely to be won or lost on legislative factors.”
Ong added that regulators can differentiate themselves by means of “their efficiency in assessing licence applications, and their agility in adjusting requirements in line with technological developments and industry feedback.”
Hong Kong’s new roadmap is a “pragmatic approach to solidify Hong Kong’s role as a trusted nexus for virtual asset liquidity,” the SFC mentioned.
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