On 19 February 2025, Hong Kong’s Securities and Futures Commission (HK SFC) introduced the “A-S-P-I-Re” roadmap, a virtual asset regulatory blueprint. It aims to develop clear licensing frameworks to enable compliant VASPs, OTC trading and custody services to enter the market efficiently. “A-S-P-I-Re” roadmap expands regulated VA products like token listings and derivatives, and aims to strengthen market surveillance and compliance measures by bridging traditional finance with blockchain innovation. The roadmap, named for its five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, sets out 12 initiatives aiming to promote regulatory clarity, security, and sustainable growth in Hong Kong’s virtual asset market. According to the HK SFC, the roadmap seeks to streamline market access, improve compliance standards, foster product innovation, modernise oversight, and strengthen industry engagement.
Under Access, new licensing frameworks will regulate virtual asset over-the-counter (OTC) trading and custodian services, allowing a broader range of participants while ensuring compliance with global standards. Safeguards will reinforce investor protection by refining custody rules, security mandates, and risk-based oversight. The Products pillar introduces plans for regulated token listings, derivatives trading, and staking services, catering primarily to institutional investors. Infrastructure upgrades will strengthen market surveillance, enhance reporting mechanisms, and improve coordination between regulators. Lastly, Relationships will focus on stakeholder engagement, investor education, and fostering trust through transparency.
The A-S-P-I-Re roadmap builds on Hong Kong’s existing regulatory framework, which has been evolving since 2018 to integrate virtual assets into the traditional financial system. The HK SFC has already licensed virtual asset trading platforms (VATPs) and facilitated Asia’s first virtual asset spot exchange-traded funds (ETFs). However, with the global VA market surpassing US$3 trillion in 2024, challenges such as fragmented liquidity, security risks, and regulatory arbitrage require proactive measures.
The “A-S-P-I-Re” roadmap will be implemented in phases, regulatory developments are expected to be completed by the end of 2025. The HK SFC has already initiated industry engagement through the Virtual Asset Consultative Panel, which convened on 14 February 2025 to discuss policy directions with licensed VATP operators. Read more about the VACP here.
HK SFC’s Executive Director of Intermediaries, Dr. Eric Yip, stated: “Adhering to the core principles of investor protection, sustainable liquidity and adaptive regulation, the roadmap in itself is a calibrated response to emerging VA market challenges and thus helps future-proof our ecosystem, the roadmap is not a final destination but a living blueprint, one that invites collective efforts to advance Hong Kong’s vision as a global hub where innovation thrives within guardrails.”
(Source: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR20, https://www.sfc.hk/-/media/EN/files/ER/ASPIRe/ASPIRe-roadmap-for-Hong-Kongs-virtual-asset-market-Eng.pdf?rev=1ff2b9ab976f482e924b1d911c55b27a&hash=ABF3EDC5C737FE8435568222D04417EA)
