The Securities and Futures Commission (SFC) of Hong Kong released a comprehensive roadmap on Wednesday, outlining several key measures aimed at establishing Hong Kong as a global virtual asset center.
The newly formulated “ASPIRe” roadmap consists of 12 key measures organized around five major pillars: Access, Safeguards, Products, Infrastructure, and Relationships, with each pillar focusing on specific critical areas within the virtual asset ecosystem.
Notable objectives within the roadmap include: establishing a licensing regime for over-the-counter (OTC) trading and custody services, creating a new token listing and derivatives trading framework for professional investors, and permitting cryptocurrency staking and lending services.
The specifics of the ASPIRe roadmap are as follows:
**Access**: Simplifying market access procedures through regulatory clarity. Key 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. Key measures: 1. Exploring dynamic regulatory approaches for custody technology 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 a new token listing and virtual asset derivatives trading framework limited to professional investors 2. Examining 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 cooperation mechanisms. Key measures: 1. Considering effective reporting solutions and deploying advanced tools to detect illegal activities 2. Strengthening local inter-agency cooperation and facilitating cross-border regulatory collaboration.
**Relationships**: Enhancing 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. Fostering sustainable communication and talent networks.
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