Hong Kong's Virtual Asset Market: An "A-S-P-I-Re" Roadmap

Hong Kong's Securities and Futures Commission (SFC) has released a regulatory roadmap called "A-S-P-I-Re" to future-proof the region's virtual asset ecosystem. This framework, detailed in the document, addresses the complexities of the virtual asset market, valued at over US$3 trillion, and the need for balanced regulation. The roadmap's five pillars - Access, Safeguards, Products, Infrastructure, and Relationships - outline 12 initiatives designed to streamline market access, optimise compliance, expand product offerings, modernise infrastructure, and empower stakeholders. It responds to the evolving landscape with strategies for managing liquidity, regulatory arbitrage, and investor protection. The SFC seeks to strike a balance between promoting innovation and mitigating risks by harmonising global standards and integrating traditional finance principles with blockchain technologies. Ultimately, the roadmap aims to solidify Hong Kong's position as a trusted hub for virtual asset liquidity through pragmatic and adaptive measures.

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