The Hong Kong Securities and Futures Commission (SFC) released a comprehensive roadmap on Wednesday, outlining several key measures aimed at promoting Hong Kong as a global virtual asset hub.
The newly formulated “ASPIRe” roadmap encompasses 12 major measures, structured around five key pillars: Access, Safeguards, Products, Infrastructure, and Relationships, with each pillar focusing on specific critical areas within the virtual asset ecosystem.
Noteworthy objectives within the roadmap include: establishing a licensing regime for over-the-counter (OTC) trading and custody services, developing a new token listing and derivatives trading framework for professional investors, and allowing cryptocurrency staking and lending services.
The specific content of the ASPIRe roadmap is as follows:
**Access**: Simplifying market entry procedures through regulatory clarity. Major measures: 1. Establishing a licensing regime for OTC trading and custody services 2. Attracting international platforms, order flow, and liquidity providers.
**Safeguards**: Optimizing compliance burdens without compromising security. Major measures: 1. Exploring dynamic regulatory approaches for custody technology and storage ratios 2. Strengthening insurance and compensation frameworks 3. Clarifying investor guidance and product categorization.
**Products**: Expanding the range of products and services based on investor categories. Major measures: 1. Exploring new token listing and virtual asset derivatives trading frameworks limited to professional investors 2. Investigating collateral financing requirements consistent with securities market standards 3. Considering allowing staking and lending services under clear guidelines.
**Infrastructure**: Modernizing reporting, monitoring, and inter-agency cooperation mechanisms. Major measures: 1. Considering effective reporting solutions and deploying advanced tools to detect illegal activities 2. Strengthening local inter-agency collaboration and facilitating cross-border regulatory cooperation.
**Relationships**: Enhancing investor and industry capabilities through education, engagement, and transparency. Major measures: 1. Assessing frameworks for financial influencers to address new investor engagement channels 2. Fostering sustainable communication and talent networks.