Hong Kong’s Securities and Futures Commission has outlined a new ASPIRe roadmap for asset regulation. The agency’s statement details a framework that sets parameters for market entry, investor protection, and operational transparency in the digital asset space.

Per an SFC document, the plan introduces a five-pillar “ASPIRe” approach—access, Safeguards, Products, Infrastructure, and Relationships—to address the challenges posed by a global market valued at over $3 trillion in 2024.

The roadmap outlines 12 initiatives designed to streamline licensing for over‐the‐counter trading and custody services, adjust requirements for storage and technology, and clarify product categorization for institutional and retail participants.

The document explains that regulatory clarity will be expanded through new licensing regimes that invite global trading platforms and liquidity providers to operate under standardized rules. This approach applies the “same business, same risks, same rules” principle already used in Hong Kong’s virtual asset trading center, which has issued licenses to nine platforms and has additional applications pending review.

Measures under the plan include transitioning to technology‐neutral, outcome-based standards for asset custody while refining insurance and compensation frameworks to address operational risks and reduce barriers for liquidity providers.

Hong Kong continues to strive for crypto leadership

At the ongoing Consensus Hong Kong 2025 conference, SFC CEO Julia Leung outlined how these initiatives will support the city’s strategy to establish itself as a hub for digital assets.

In related developments, Standard Chartered’s Hong Kong division, Animoca Brands, and HKT have partnered to apply for a license to issue a Hong Kong dollar-backed stablecoin. Further, the New Capital Investment Entrant Scheme appears open to accepting cases where cryptocurrencies serve as proof of wealth.

The SFC’s strategy aligns with international efforts to unify regulatory standards, drawing on guidance from bodies such as the Financial Action Task Force and IOSCO.

The roadmap also emphasizes investor education and transparent engagement. By clarifying onboarding processes and product categorization, the SFC aims to create a market environment where retail and institutional investors can participate with improved confidence. Enhanced surveillance, reporting mechanisms, and cross-agency collaboration are integral to the plan, as the SFC works to detect irregularities and manage risks in a fragmented liquidity landscape.

The roadmap sets a defined course for expanding Hong Kong’s role in digital asset regulation by integrating regulatory measures that address compliance and market forces. The SFC stated that it will implement the outlined initiatives under its regulatory principles.

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