New regulatory roadmap aims to boost investor confidence and attract global crypto firms.
Hong Kong’s SFC Introduces ASPIRe Framework
Hong Kong’s Securities and Futures Commission (SFC) has announced a major regulatory overhaul with its ASPIRe framework, a five-pillar approach designed to enhance market integration and investor safeguards in the digital asset space. The roadmap introduces measures to streamline licensing for trading and custody services, clarify product categorization, and improve operational transparency—critical steps as the global crypto market surpasses $3 trillion.
Regulatory Clarity and Market Expansion
The ASPIRe framework, which stands for Access, Safeguards, Products, Infrastructure, and Relationships, sets out 12 key initiatives to align Hong Kong’s regulatory environment with international standards. By adopting a “same business, same risks, same rules” principle, the SFC aims to invite global trading platforms and liquidity providers under a standardized regulatory regime. The framework also transitions toward technology-neutral, outcome-based standards for asset custody while refining insurance and compensation models to mitigate operational risks.
Hong Kong’s Crypto Leadership Strategy
During the Consensus Hong Kong 2025 conference, SFC CEO Julia Leung emphasized that these initiatives reinforce the city’s ambitions to establish itself as a global crypto hub. The regulatory overhaul coincides with major financial players like Standard Chartered Hong Kong, Animoca Brands, and HKT applying for a license to issue a Hong Kong dollar-backed stablecoin, further integrating digital assets into mainstream finance. Additionally, the New Capital Investment Entrant Scheme may soon recognize cryptocurrencies as valid proof of wealth, signaling broader regulatory acceptance.
Global Alignment and Investor Confidence
The SFC’s strategy aligns with international regulatory efforts, incorporating guidance from organizations such as the Financial Action Task Force (FATF) and IOSCO. The roadmap also prioritizes investor education, transparent engagement, and enhanced surveillance mechanisms to detect irregularities in a fragmented liquidity landscape. By implementing these initiatives, the SFC aims to strengthen market confidence and create a structured environment for retail and institutional investors alike.
Shaping the Future of Crypto Regulation
With a defined course for expanding its role in digital asset oversight, Hong Kong’s regulatory approach seeks to balance innovation with compliance. The SFC’s commitment to structured governance could set a precedent for other jurisdictions navigating the complexities of the evolving crypto landscape.
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