Hong Kong Securities and Futures Commission has released a roadmap that outlines strategic initiatives to enhance the city’s status as a global leader in virtual assets.
The SFC's “ASPIRe” roadmap introduces a five-pillar framework—Access, Safeguards, Products, Infrastructure, and Relationships—each targeting key aspects of the digital asset ecosystem, as per the SFC's Wednesday announcement.
The 12-initiative roadmap is crafted to foster growth by enhancing market access, tightening regulatory safeguards, and expanding the range of virtual asset products available.
"This roadmap is not a final destination but a living blueprint,” said Dr. Eric Yip, Executive Director of Intermediaries at the SFC, adding that it “invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails."
If fully implemented, Hong Kong’s regulatory watchdog hopes the roadmap will create a more inclusive, secure, and innovative environment for virtual assets, ensuring Hong Kong remains a competitive and attractive destination for global platforms and institutional players.
Key pillars of the ASPIRe roadmap
The Access pillar is to streamline market entry by introducing new licensing frameworks for OTC trading and custodians.
The Safeguards pillar focuses on enhancing investor protection with refined operational requirements and compliance measures, and the Products pillar is for expanding virtual asset offerings, including new token listings and derivatives.
The Infrastructure pillar modernizes market oversight, utilizing advanced technologies to ensure market integrity, while the Relationships pillar promotes collaboration with industry stakeholders through continuous dialogue and regulatory refinement.
The SFC plans to build on its success by offering further clarity and improvements to its regulatory framework, including the introduction of a framework for virtual asset custodians.
The government’s regulatory approach also includes a review of over-the-counter (OTC) trading activities, with expectations for a second consultation round and a final licensing regime for custodians by the end of 2025.
Jodee Lee, Head of Legal at crypto exchange Flipster, told Decrypt that Hong Kong's phased approach to virtual asset regulation, “reflects a calculated strategy to balance market growth with risk management.” Lee added that, “By initially permitting access to professional investors only, the SFC ensured that trading platforms could refine compliance protocols, stress-test their operational resilience, and implement investor protections without exposure to retail participants.”
In addition to the roadmap’s strategic pillars, Hong Kong has made notable progress in the virtual asset space.
SFC has a number of different programs. proactive approach includes the introduction of a Virtual Asset Trading Platform (VATP) licensing regime in 2023, designed to give clear guidance to crypto companies wishing to operate in the region.
By February, the SFC had licensed 10 platforms, including industry leaders such as Bullish and HashKey.
Regional competition
While Hong Kong is carving out its niche as a leader in virtual asset regulation, it faces growing competition in Asia, particularly from Singapore.
You can also find out more about the following: latter is expanding its digital asset services across the region, with giants like Robinhood already setting their sights on the city.
“Both Singapore and Hong Kong operate strict regulatory regimes for virtual asset exchanges, Chengyi Ong, Head of Policy APAC at Chainalysis, told Decrypt. “”Laws are unlikely to determine whether a country wins or loses the race for global business.”
Ong said that regulators could differentiate themselves by “their agility and efficiency when assessing license applications and in adapting requirements to technological advances and feedback from the industry.”
The SFC stated that Hong Kong’s new roadmap was a “pragmatic strategy to cement Hong Kong’s role as an trusted hub for virtual assets liquidity”.
