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Hong Kong: the “ASPIRe” plan for leadership in crypto
By Davide Grammatica
The Hong Kong financial regulatory authority has unveiled the “ASPIRe” plan, a roadmap to make the city a global leader in the crypto sector
Hong Kong's climb to crypto leadership
The Securities and Futures Commission (SFC) of Hong Kong, the main financial regulatory authority of the autonomous Chinese territory, has unveiled a “roadmap” to make the city a global leader in the crypto sector.
The plan, called “ASPIRe”, aims to improve market access, strengthen regulatory protections and expand the range of available products, promoting the growth of the entire sector.
“This roadmap proposes a new approach,“ said SFC Executive Eric Yip. ‘It calls for collective efforts to promote Hong Kong’s vision as a global crypto hub, where innovation thrives within the limits of regulation.”
The roadmap is based on a number of key ’pillars”. The first is “Access”, which means simplifying market access through new licenses. “Safeguards” suggests improving investor protection, while “Products” suggests expanding the range of crypto products. “Infrastructure” concerns the modernization of market supervision systems, and “Relationships” the promotion of collaboration with industry stakeholders.
The challenge for crypto “dominance” in Asia
The news coming from Hong Kong is part of a common path for the whole of Asia. In fact, in this area the fight to gain leadership in the crypto sector is very lively, with places like Singapore fighting for the top spot.
HK has decided to relaunch by focusing on the listing of new tokens (for professional investors) and the trading of crypto derivatives. In addition, it intends to introduce new requirements to allow the exploitation of staking.
Looking ahead, the SFC also aims to reduce barriers to entry for global liquidity providers, so that they can “connect” to local trading platforms.
