Hong Kong’s SFC Boosts Virtual Assets Trading With New Guidelines

• The SFC has introduced a new VA trading guideline in Hong Kong.
• Hong Kong’s new VA trading guideline is structured based on the ASPIRe Roadmap.
• Brokers in Hong Kong can now offer VA financing to their securities margin clients.

According to reports, Hong Kong’s Securities and Futures Commission (SFC) has issued a new guidance to extend virtual asset (VA) services to margin financing for licensed brokers providing VA dealing services (VA brokers). 

The commission has also set out a high-level framework to guide virtual asset trading platforms (VATPs) in developing proposals for VA‑related leveraged products intended for professional investors. 

Aligning With the ASPIRe Roadmap

SFC’s Executive Director of Intermediaries, Dr Eric Yip, described the latest move as a structured development approach based on the ASPIRe Roadmap. Yip stated that the targeted initiatives to enhance liquidity showcase the SFC’s unswerving commitment to developing Hong Kong’s digital asset market sustainably and collaboratively. 

For context, the SFC launched its five-pillar ASPIRe Roadmap in 2025 to govern the virtual assets market within its region. The acronym ASPIRe stands for Access, Safeguards, Products, Infrastructure, and Relationships, representing the five main pillars of the region’s regulatory framework.

Boosting Institutional VA Trading in Hong Kong

In the meantime, the latest guidance issued by the SFC will allow brokers to offer VA financing to their securities margin clients, subject to the sufficiency of collateral amid robust investor safeguards. With the new protocol, margin clients with strong credit profiles and collateral can participate more actively in VA trading, thereby enhancing the liquidity of Hong Kong’s market under proper risk control.

It is worth noting that this is the first time the SFC is setting up a high-level framework to guide licensed VATPs in developing perpetual contracts. By doing so, the SFC is boosting the institutional adoption of virtual assets in Hong Kong, considering the new protocol’s provision for leveraged instruments.

According to the commission, it aims to support investors’ risk management strategies while deepening liquidity in the underlying spot market. The new guideline will ensure investor protection, transparent product design, clear disclosures, and robust operational controls for these leveraged products.

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