Hong Kong's securities regulator has announced its plans to develop the city into a global digital asset hub.
Hong Kong’s Securities and Futures Commission (SFC) has outlined 12 major initiatives to «enhance the security, innovation and growth» of the city’s digital asset market, according to a statement. The initiatives are based on five pillars under the so-called «ASPIRe» road map, which stands for «Access, Safeguards, Products, Infrastructure and Relationships».
The initiatives will streamline access for global liquidity, enable adaptive compliance and product frameworks focusing on security, and drive infrastructure upgrades for traditional finance to tap into blockchain efficiency.
New Frameworks
Under the roadmap, new frameworks for regulating virtual asset (VA) over-the-counter and VA custodian services will be developed. VA product and service offerings will also be expanded. Other measures will encompass optimization of operational requirements for VA trading platforms, combatting illicit activities, investor education and proactive stakeholder engagement
«Adhering to the core principles of investor protection, sustainable liquidity and adaptive regulation, the roadmap in itself is a calibrated response to emerging VA market challenges and thus helps future-proof our ecosystem,» said Eric Yip, SFC’s executive director of intermediaries.
«The roadmap is not a final destination but a living blueprint, one that invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails.»
