SFC boosts Hong Kong鈥檚 digital asset market
13 February 2026 Hong Kong
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The 网爆吃瓜 and Futures Commission (SFC) has issued new guidance to extend virtual asset (VA) services to margin financing for licensed brokers providing VA dealing services (VA brokers), and to set out a high-level framework to guide virtual asset trading platforms (VATPs) in developing proposals for VA鈥憆elated leveraged products intended for professional investors.
As part of its latest measures to expand product and service diversity under the ASPIRe Roadmap, the SFC is enabling VA brokers to offer VA financing to their securities margin clients, subject to the sufficiency of collateral and robust investor safeguards.
This would allow margin clients with strong credit profiles and collateral to participate more actively in VA trading, therefore enhancing the liquidity of Hong Kong鈥檚 market in a risk-controlled manner.
For licensed VATPs, the SFC has set out, for the first time, a high-level framework to guide them in developing perpetual contracts, which are leveraged instruments, for offering exclusively to professional investors.
This aims to support the firm鈥檚 risk management strategies while deepening liquidity in the underlying spot market.
To ensure investor protection, transparent product design, clear disclosures, and robust operational controls for these leveraged products are outlined.
To further drive VA trading activity in Hong Kong, the SFC permits affiliates of licensed VATPs to act as market makers on their platforms, provided that strong safeguards are in place to mitigate conflicts of interest.
Participation of these affiliates should provide licensed VATPs with an additional avenue for liquidity.
Dr Eric Yip, the SFC鈥檚 executive director of intermediaries, states: 鈥淥ur structured development approach based on the ASPIRe Roadmap is essential to scaling our digital asset market.
鈥淭hese targeted initiatives to enhance liquidity showcase the SFC鈥檚 unswerving commitment to developing Hong Kong鈥檚 digital asset market in a sustainable and collaborative manner.鈥�
The SFC states they will continue to monitor implementation closely and engage with stakeholders to ensure these measures promote a safe and competitive market environment in Hong Kong.
As part of its latest measures to expand product and service diversity under the ASPIRe Roadmap, the SFC is enabling VA brokers to offer VA financing to their securities margin clients, subject to the sufficiency of collateral and robust investor safeguards.
This would allow margin clients with strong credit profiles and collateral to participate more actively in VA trading, therefore enhancing the liquidity of Hong Kong鈥檚 market in a risk-controlled manner.
For licensed VATPs, the SFC has set out, for the first time, a high-level framework to guide them in developing perpetual contracts, which are leveraged instruments, for offering exclusively to professional investors.
This aims to support the firm鈥檚 risk management strategies while deepening liquidity in the underlying spot market.
To ensure investor protection, transparent product design, clear disclosures, and robust operational controls for these leveraged products are outlined.
To further drive VA trading activity in Hong Kong, the SFC permits affiliates of licensed VATPs to act as market makers on their platforms, provided that strong safeguards are in place to mitigate conflicts of interest.
Participation of these affiliates should provide licensed VATPs with an additional avenue for liquidity.
Dr Eric Yip, the SFC鈥檚 executive director of intermediaries, states: 鈥淥ur structured development approach based on the ASPIRe Roadmap is essential to scaling our digital asset market.
鈥淭hese targeted initiatives to enhance liquidity showcase the SFC鈥檚 unswerving commitment to developing Hong Kong鈥檚 digital asset market in a sustainable and collaborative manner.鈥�
The SFC states they will continue to monitor implementation closely and engage with stakeholders to ensure these measures promote a safe and competitive market environment in Hong Kong.
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