New ASPIRe Roadmap Unveiled by Hong Kong’s Securities and Futures Commission
Hong Kong’s Securities and Futures Commission (SFC) has introduced a new ASPIRe roadmap for asset regulation, focusing on market entry, investor protection, and operational transparency in the digital asset space.
Five-Pillar Approach
The plan, as outlined in an SFC document, follows a five-pillar “ASPIRe” approach:
- Access
- Safeguards
- Products
- Infrastructure
- Relationships
Initiatives Under the Roadmap
The roadmap includes 12 initiatives, such as:
- Streamlining licensing for over-the-counter trading and custody services
- Adjusting requirements for storage and technology
- Clarifying product categorization for institutional and retail participants
Hong Kong’s Crypto Leadership Goals
At the Consensus Hong Kong 2025 conference, SFC CEO Julia Leung discussed how these initiatives will help establish Hong Kong as a digital asset hub.
Other developments include partnerships aiming to issue a Hong Kong dollar-backed stablecoin and potential acceptance of cryptocurrencies as proof of wealth under the New Capital Investment Entrant Scheme.
International Alignment
The SFC’s strategy aligns with global efforts to standardize regulatory practices, drawing guidance from bodies like the Financial Action Task Force and IOSCO.
Focus on Investor Education
The roadmap emphasizes investor education and transparent engagement, aiming to create a market environment where both retail and institutional investors can participate confidently.
Enhanced surveillance, reporting mechanisms, and cross-agency collaboration are key components of the plan to detect irregularities and manage risks effectively.
Expanding Role in Digital Asset Regulation
The roadmap sets a clear path for Hong Kong to enhance its position in digital asset regulation by integrating measures that address compliance and market dynamics. The SFC is committed to implementing the outlined initiatives under its regulatory principles.
