HashKey Exchange's Interpretation of the Hong Kong SFC Virtual Asset Roadmap
Terence Pu, Managing Director of HashKey Exchange：
We are pleased to see the Hong Kong government release the forward-looking and pragmatic “A-S-P-I-Re” roadmap for advancing the virtual asset industry. This roadmap outlines five key pillars and twelve initiatives that will shape the industry’s development over the next three years. Key focus areas include enabling staking services, attracting global liquidity, exploring derivatives trading and lending, adjusting the allocation between hot and cold wallets as well as insurance coverage, and fostering cross-departmental and cross-jurisdictional regulatory collaboration in innovative areas.
As Hong Kong’s largest licensed virtual asset exchange, HashKey Exchange has maintained close cooperation with regulators and transparent communication. We have been actively exploring multiple core areas that closely align with the key directions outlined in the roadmap:
1. Expansion of Products and Services:
Pillar P (Products) refers to expanding products and services based on investor classification. Among these, staking services have been one of our key focus areas since last year. With technical support from HashKey Cloud, we are confident in achieving a fully integrated business loop at the group level, providing users with safer and more efficient staking services.
The SFC has mentioned exploring new token listing mechanisms, which suggests an optimization of the “track record” requirements and a potential relaxation of the current 12-month restriction, further streamlining the listing process for new tokens.
Additionally, virtual asset derivatives trading will be a key driver of market growth. If contract trading features are introduced in the future, market expansion is expected to reach 30%-40%, further boosting liquidity and market activity while providing investors with more effective hedging tools.
2. Optimization of Insurance and Compensation Framework:
Pillar S (Safeguards) indicates an effort to ease compliance burdens without compromising security. The proposed enhancements to the insurance and safeguarding framework in this section reflect regulators’ proactive response to industry needs. Improved custody and insurance arrangements suggest that the SFC is considering new technological developments, optimizing the allocation between hot and cold wallets, enhancing user experience, and reducing operational burdens on platforms. This will help businesses lower operational costs, unlock innovation potential, and provide investors with stronger confidence.
3. Cross-Regional Liquidity Connectivity:
Pillar A (Access) focuses on simplifying market access through regulatory clarity. The reference to attracting international “order flows” in this section underscores Hong Kong’s proactive approach to cross-regional liquidity connectivity. HashKey Exchange will also actively explore ways to integrate overseas and local trading flows — an essential step toward establishing Hong Kong as a world-class Web3 hub. We believe this will create more opportunities for both local and international market participants.
Why Limit Access to Professional Investors?
We understand that this approach is intended to protect retail investors while also enhancing Hong Kong’s appeal to institutional investors. As the market matures, these products are expected to become accessible to a broader investor base, fostering greater market participation and inclusivity.
Overall, the “A-S-P-I-Re” roadmap provides a clear blueprint for the growth of Hong Kong’s virtual asset industry. Many of its initiatives stem from industry feedback and demand, with at least three major measures expected to achieve tangible progress this year. HashKey Exchange remains committed to compliance and stability as our foundation, while driving product innovation, technological advancement, and market expansion. We look forward to working closely with regulators and industry partners to position Hong Kong as a global leader in the virtual asset space, creating greater value and opportunities for investors.
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