【Analysis: The Hong Kong virtual asset derivatives market is expected to pilot perpetual contracts for virtual assets such as Bitcoin and Ethereum】 The Secretary for Financial Services and the Treasury, Christopher Hui, previously stated in response to a legislator's question that the Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors and will formulate robust risk management measures. According to analysts cited by the Huaxia Times, based on international experience, it is anticipated that the Hong Kong derivatives market will pilot perpetual contracts for mainstream virtual assets such as Bitcoin and Ethereum in the early stages of policy implementation. From international practices, multiple international institutions, including the Singapore Exchange (SGX), Coinbase, the U.S. Commodity Futures Trading Commission (CFTC), and the European MiFiD II regulatory framework, have prioritized perpetual contracts as a significant direction for virtual asset derivatives.