SFC Unveils 12 Key Steps To Strengthen Hong Kong’s Virtual Asset Market
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The Securities and Futures Commission (SFC) has introduced 12 key steps aimed at improving the safety, growth, and new ideas in Hong Kong’s virtual asset market. These steps are part of the “ASPIRe” roadmap, which focuses on five areas: Access, Safeguards, Products, Infrastructure, and Relationships.
Officials explained that the plan will help global investors enter the market more easily, support flexible rules that focus on safety, and upgrade systems so traditional finance can use blockchain technology.
SFC’s Plan To Strengthen Virtual Asset Market And Protect Investors
As part of the plan, new rules for over-the-counter virtual asset trading and custodian services will be created. The plan will also expand the types of digital asset products and services available.
Other actions include improving rules for trading platforms, stopping illegal activities, teaching investors about risks, and working closely with industry experts.
Eric Yip, Executive Director of Intermediaries at the SFC, stated that the plan follows key ideas such as keeping investors safe, ensuring steady market activity, and allowing rules to adapt as needed. He said the plan is a careful response to the challenges of the digital asset market and will help protect its future.
He added that the plan is not a final goal but a flexible guide that welcomes teamwork to help Hong Kong grow as a global center where new ideas develop under strong protections.
SFC’s Role In Maintaining A Stable And Secure Financial Market
The Hong Kong Securities and Futures Commission is an independent statutory entity responsible for regulating the securities and futures market in the nation. The SFC is tasked with nurturing an orderly securities and futures market, to help investors and push Hong Kong as a key financial market and an international financial center in China.
The SFC functions independently under the rules set by the laws relating to Securities and Futures, despite it is considered to be a branch of the government.
The SFC’s office is at 54/F, One Island East, 18 Westlands Road, Quarry Bay. The group was set up in 1989 after the 1987 stock market crash. In 1997, after the Asian financial crisis, the rules were made better. In 2003, a new rule called the Securities and Futures Ordinance (SFO) gave the SFC more jobs to do.
Andrew Sheng was the chairman from 1998 to 2005. After that, Martin Wheatley took his place. He was first the chairman and later became the boss in 2006 when the two jobs were split to help the group work better.
