Hong Kong Unveils Comprehensive Crypto Roadmap to Become a Global Virtual Asset Hub

Hong Kong, on February 19th, announced a comprehensive "ASPIRe" roadmap by the Securities and Futures Commission (SFC) to solidify its position as a global cryptocurrency hub. The roadmap includes 12 initiatives focused on enhancing security, innovation, and growth within the crypto market. Key initiatives include streamlining market access, optimizing compliance frameworks, and improving blockchain efficiency. The SFC plans to establish licensing regimes for over-the-counter (OTC) crypto trading and custodian services, addressing concerns about transparency in large institutional trades. While current regulations restrict new token listings to Bitcoin and Ether for retail trading, the SFC is exploring expanding this to include new tokens exclusively for professional investors, as well as crypto derivative trading and staking opportunities. This initiative aims to attract global liquidity providers and modernize traditional finance by leveraging blockchain technology.