3 months ago
Hong Kong’s Securities and Futures Commission has outlined a caller ASPIRe roadmap for plus regulation. The agency’s connection details a model that sets parameters for marketplace entry, capitalist protection, and operational transparency successful the integer plus space.
Per an SFC document, the program introduces a five-pillar “ASPIRe” approach—access, Safeguards, Products, Infrastructure, and Relationships—to code the challenges posed by a planetary marketplace valued astatine implicit $3 trillion successful 2024.
ASPIRe model (Source: SFC)The roadmap outlines 12 initiatives designed to streamline licensing for over‐the‐counter trading and custody services, set requirements for retention and technology, and clarify merchandise categorization for organization and retail participants.
The papers explains that regulatory clarity volition beryllium expanded done caller licensing regimes that invitation planetary trading platforms and liquidity providers to run nether standardized rules. This attack applies the “same business, aforesaid risks, aforesaid rules” rule already utilized successful Hong Kong’s virtual plus trading center, which has issued licenses to 9 platforms and has further applications pending review.
Measures nether the program see transitioning to technology‐neutral, outcome-based standards for plus custody portion refining security and compensation frameworks to code operational risks and trim 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 however these initiatives volition enactment the city’s strategy to found itself arsenic a hub for integer assets.
In related developments, Standard Chartered’s Hong Kong division, Animoca Brands, and HKT person partnered to use for a licence to contented a Hong Kong dollar-backed stablecoin. Further, the New Capital Investment Entrant Scheme appears unfastened to accepting cases wherever cryptocurrencies service arsenic impervious of wealth.
The SFC’s strategy aligns with planetary efforts to unify regulatory standards, drafting connected guidance from bodies specified arsenic the Financial Action Task Force and IOSCO.
The roadmap besides emphasizes capitalist acquisition and transparent engagement. By clarifying onboarding processes and merchandise categorization, the SFC aims to make a marketplace situation wherever retail and organization investors tin enactment with improved confidence. Enhanced surveillance, reporting mechanisms, and cross-agency collaboration are integral to the plan, arsenic the SFC works to observe irregularities and negociate risks successful a fragmented liquidity landscape.
The roadmap sets a defined people for expanding Hong Kong’s relation successful integer plus regularisation by integrating regulatory measures that code compliance and marketplace forces. The SFC stated that it volition instrumentality the outlined initiatives nether its regulatory principles.
The station Hong Kong plans large crypto regulatory overhaul highlighting $3 trillion opportunity appeared archetypal connected CryptoSlate.
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