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Hong Kong’s Securities and Futures Commission (SFC) has launched a comprehensive roadmap outlining strategic initiatives designed to strengthen the city’s position as a leading global hub for virtual assets. The SFC’s “ASPIRe” roadmap introduces a five-pillar framework—Access, Safeguards, Products, Infrastructure, and Relationships—each targeting key aspects of the digital asset ecosystem, as per the SFC’s Wednesday announcement. The 12-initiative roadmap is crafted to foster growth by enhancing market access, tightening regulatory safeguards, and expanding the range of virtual asset products available. “This roadmap is not a final destination but a living blueprint,” said Dr. Eric Yip, Executive Director of Intermediaries at the SFC, adding 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…

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Filed under: News - @ February 19, 2025 7:27 pm