The Securities and Futures Commission (SFC) issued a guidance extending virtual asset (VA) services to margin financing for licensed brokers providing VA dealing services (VA brokers).

It also set out a high-level framework for virtual asset trading platforms (VATPs) developing VA‑related leveraged products for professional investors.

The SFC introduced the ASPIRe Roadmap in February 2025 to guide the development of Hong Kong’s digital asset market.

Under this roadmap, VA brokers may offer VA financing to their securities margin clients. This is subject to sufficient collateral and investor safeguards.

It allows margin clients with strong credit profiles to participate in VA trading while maintaining risk controls.

For licensed VATPs, the SFC has provided a framework for developing perpetual contracts. These are leveraged instruments intended for professional investors.

The guidance emphasises transparent product design, clear disclosures, and robust operational controls.

The SFC also permits affiliates of licensed VATPs to act as market makers on their platforms. Safeguards must be in place to mitigate conflicts of interest. This provides an additional source of liquidity for the market.

“Our structured development approach based on the ASPIRe Roadmap is essential to scaling our digital asset market,”

said Dr Eric Yip, the SFC’s Executive Director of Intermediaries.

“These targeted initiatives to enhance liquidity showcase the SFC’s unswerving commitment to developing Hong Kong’s digital asset market in a sustainable and collaborative manner.”

The SFC will continue to monitor implementation and engage with stakeholders. The aim is to ensure these measures support a safe and competitive market environment in Hong Kong.

Featured image credit: Edited by Fintech News Hong Kong, based on image by bloodua and luckystep via Freepik