#香港拟年内再推虚拟资产指引 Hong Kong Securities and Futures Commission (SFC) Interpretation of New Virtual Asset Guidelines

On February 11, the Hong Kong SFC released new guidelines, primarily relaxing restrictions on virtual asset trading to enhance market liquidity within a legal and compliant framework. This marks a key step in its “ASPIRe” roadmap, with three main changes:
🔹 Lifting the ban on margin lending: The previous prohibition has been abolished, allowing licensed brokers to offer virtual asset financing to securities margin clients. However, collateral is limited to Bitcoin and Ethereum, with a minimum deduction rate of 60%, and re-hypothecation is strictly prohibited.
🔹 First-ever perpetual contract framework: Platforms are permitted to develop leveraged products for professional investors, but platforms are strictly prohibited from providing any credit. Margin must be in fiat currency or compliant stablecoins.
🔹 Introduction of related-party market makers: For the first time, related companies of platforms are allowed to act as market makers, narrowing spreads to improve liquidity, but firewalls must be established to strictly control conflicts of interest.
This move signifies a shift in Hong Kong’s digital asset regulation from “risk control” to “development under risk management,” clearly indicating “what can be done and how it must be done.” Future developments to watch include the “Digital Asset Accelerator” plan and whether the scope of collateral will expand.