Hong Kong’s Securities and Futures Commission Launches Strategic Roadmap to Transform the City into a Global Virtual Asset Hub
The ASPIRe roadmap represents a significant effort to enhance the virtual asset (VA) ecosystem in Hong Kong. This comprehensive strategy is structured around five essential pillars: Access, Safeguards, Products, Infrastructure, and Relationships. Recently, under the ‘Relationships’ pillar, the Securities and Futures Commission (SFC) convened the inaugural meeting of the virtual asset consultative panel, which included senior management from all licensed virtual asset trading platforms.
Objectives of the ASPIRe Roadmap
The ASPIRe roadmap aims to revolutionize the virtual asset landscape by:
- Streamlining global liquidity
- Strengthening security compliance and product frameworks
- Modernizing financial infrastructure to harness the efficiency of blockchain technology
Key Measures to Enhance the VA Ecosystem
To achieve its objectives, the SFC has proposed several key measures, including:
- Implementing new regulations for VA custodians and over-the-counter services
- Expanding product offerings to cater to diverse market needs
- Enhancing operational requirements for trading platforms
- Initiating programs to combat illicit activities and educate investors
- Engaging stakeholders to foster a collaborative environment
Future-Proofing the Virtual Asset Market
The ASPIRe roadmap is designed as a proactive response to the evolving challenges facing the virtual asset market. Dr. Eric Yip, the SFC’s executive director of intermediaries, emphasized that “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.” This approach reflects the SFC’s commitment to ensuring the ongoing relevance and security of the virtual asset market.
For more information on the regulatory landscape of virtual assets, visit the Securities and Futures Commission website.
