The Hong Kong Securities and Futures Commission (SFC) has just introduced the 'ASPIRe' roadmap with 12 initiatives aimed at promoting the development of the virtual asset market. This is an important move to help Hong Kong reinforce its position as a global financial center for cryptocurrency and blockchain.

What Does the 'ASPIRe' Roadmap Include?

The SFC's #ASPIRe roadmap is built on 5 main pillars:

  • Access: Simplifying the licensing process for OTC trading platforms and digital asset custodians.

  • Safeguards: Strengthening investor protection regulations and market activity controls.

  • Products: Expanding the virtual asset portfolio, including listing new tokens and derivative trading.

  • Infrastructure: Applying advanced technology to monitor the market and enhance transparency.

  • Relationships: Strengthening dialogue with industry stakeholders to improve the legal framework.

According to Mr. Eric Yip, Executive Director of the SFC's Financial Intermediaries Division, this roadmap is not the final destination but a flexible plan that opens up opportunities for collaboration to promote controlled innovation.

Impact on the Crypto Market

#HongKong has made significant progress in the virtual asset sector. In 2023, the city government launched a licensing program for cryptocurrency exchanges (Virtual Asset Trading Platform - VATP). By February 2025, SFC had licensed 10 platforms, including major names like Bullish and HashKey.

In addition, the agency will also reassess OTC trading activities and is expected to announce official licensing regulations for digital asset custodians by the end of 2025.

Does Hong Kong Have Enough Competitive Strength Against Singapore?

Despite asserting its position, Hong Kong still faces fierce competition from Singapore—a financial center that is also expanding its digital asset services. Major companies like Robinhood have chosen Singapore for their operations, posing a challenge for Hong Kong in attracting global blockchain businesses.

According to Chengyi Ong, Director of APAC Policy at Chainalysis, this race is not only about legal factors but also depends on the speed of licensing processing and the ability to adjust regulations in line with technological trends.

Strategic Steps

#SFC states that the ASPIRe roadmap will help Hong Kong become a reliable liquidity center for virtual assets. However, to maintain its advantage, the government needs to remain flexible in its policies and create more favorable conditions for blockchain companies to attract more global capital and talent.

Will Hong Kong surpass Singapore to become the leading digital asset center in Asia? The answer will become clearer in the coming time.