On February 19, 2025, the Securities and Futures Commission ("SFC") introduced a 12-initiative roadmap named 'ASPIRe' to develop Hong Kong as a global virtual asset hub, focusing on access, safeguards, products, infrastructure, and relationships.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
Regulation of - Non-Fungible Tokens in Hong Kong
NFT regulation circular reminds investors of NFT risks and the types of NFTs that may trigger licensing or authorization requirements in Hong Kong.
How Will Hong Kong’s Proposed New Virtual Asset Licensing Regime Affect the Industry?
Hong Kong proposes a new virtual asset service provider (VASP) licensing regime.
SPOTLIGHT ON
FAMILY OFFICES
On February 19, 2025, the Securities and Futures Commission ("SFC") unveiled a comprehensive five-pillar roadmap, ASPIRe, to enhance Hong Kong’s virtual asset ("VA") market, addressing security, innovation, and growth. The roadmap encompasses 12 key initiatives aimed at fostering a robust and inclusive VA ecosystem.
The ASPIRe roadmap focuses on developing new regulatory frameworks for VA over-the-counter trading and custodian services, expanding product and service offerings, and optimizing operational requirements for VA trading platforms. Additionally, the roadmap includes measures to combat illicit activities, promote investor education, and foster proactive stakeholder engagement.
Dr. Eric Yip, Executive Director of Intermediaries at the SFC, highlighted that the roadmap is a calibrated response to the evolving VA market challenges, offering a future-proof framework that encourages collective efforts to establish Hong Kong as a global VA hub. The SFC has also commenced constructive dialogue with senior management of licensed virtual asset trading platforms through the Virtual Asset Consultative Panel, as announced in a press release on 14 February 2025.
View the full article:Source