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