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In Hong Kong, the SFC has issued a new trading guideline for VAs.
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Hong Kong’s new VA trading guideline was structured based on ASPIRe’s Roadmap.
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Hong Kong brokers can now offer VA finance to their clients who hold securities margin.
According to reports, Hong Kong’s Securities and Futures Commission has issued new guidelines to extend virtual asset services (VA) to margin financing for licensed broker providing VA dealing services.
The commission has also developed a high-level structure to guide virtual asset trading platforms in developing proposals related to leveraged products for professional investors.
Aligning with the ASPIRe Roadmap
Dr Eric Yip is the Executive Director of Intermediaries at the SFC. He described the latest development as a structured approach based on ASPIRe’s Roadmap. Yip said that the targeted initiatives for enhancing liquidity demonstrate the SFC’s unwavering commitment to developing Hong Kong’s digital asset market sustainably.
To give context, in 2025 the SFC launched a five-pillar ASPIRe Roadmap to govern the virtual asset market within its region. The acronym ASPIRe stands as Access, Safeguards Products, Infrastructure and Relationships. It represents the five main pillars that make up the regulatory framework for the region.
Hong Kong: Boosting Institutional VA Trading
The latest guidance from the SFC allows brokers to offer VA funding to their securities margin customers, provided that the collateral is sufficient and there are robust investor protections. With the new protocol margin clients with strong collateral and credit profiles can participate more actively VA trading. This will enhance the liquidity of Hong Kong’s market while maintaining proper risk controls.
It is important to note that this is the SFC’s first time setting up a high level framework for VATPs licensed in Hong Kong to develop perpetual contracts. In Hong Kong, the SFC’s move will boost the adoption of virtual assets by institutions, given the new protocol’s provision on leveraged instruments.
According to the commission it aims at supporting investors’ risk-management strategies while deepening the liquidity in the spot market. The new guideline will provide investor protection, transparent product designs, clear disclosures, as well as robust operational controls.
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