The Securities and Futures Commission outlined 12 major initiatives to "enhance the security, innovation and growth of Hong Kong’s virtual asset (VA) market under a five- pillar ASPIRe roadmap, which stands for Access, Safeguards, Products, Infrastructure and Relationships."
The initiatives will "streamline access for global liquidity, enable adaptive compliance and product frameworks focusing on security, and drive infrastructure upgrades for traditional finance to tap into blockchain efficiency."
Under the roadmap, new frameworks for regulating VA over-the-counter and VA custodian services will be developed, while VA product and service offerings will be expanded. Other measures encompass optimisation of operational requirements for VA trading platforms, combatting illicit activities, investor education and proactive stakeholder engagement.