#香港拟年内再推虚拟资产指引 At the highly anticipated Consensus 2026 conference, which is closely watched by the global digital asset industry, Margaret Fong, CEO of the Hong Kong Securities and Futures Commission (SFC), delivered a keynote speech. She systematically outlined Hong Kong's virtual asset regulatory blueprint and officially announced three key regulatory initiatives, marking Hong Kong's acceleration in building a secure, transparent, and internationally aligned comprehensive virtual asset regulatory ecosystem, further consolidating its position as a global hub for digital assets and compliant innovation.

1. Margin Financing: Compliance Expansion, Risk Control
The Hong Kong SFC will allow licensed brokers to provide margin financing services to qualified clients with good creditworthiness. The collateral scope will be officially expanded to include both traditional securities and virtual assets, enabling cross-category collateralized financing. In the initial phase, only Bitcoin (BTC) and Ethereum (ETH), the two mainstream assets, will be available, strictly following traditional financial risk control standards, implementing prudent asset deduction rates to ensure moderate leverage, measurable risk exposure, and prioritizing client asset safety.

2. Perpetual Contracts: Advanced Framework, Professional Access
In response to the booming derivatives market, the SFC will issue a high-level regulatory framework for perpetual contracts, allowing licensed virtual asset platforms to legally offer these products. Service providers will be limited to professional investors, and platforms will be subject to strict requirements: full transparency in the entire process, transparent dynamic fee mechanisms, and automatic position liquidation risk management under extreme market conditions, balancing product innovation with systemic risk prevention.

3. Related Market Makers: Loosening Liquidity Restrictions, Strengthening Isolation
To enhance market depth and trading efficiency, the SFC plans to relax restrictions on related market makers for licensed platforms, allowing platforms to provide liquidity through affiliated market-making entities. The core prerequisites are: complete functional independence, sound internal control mechanisms, strict conflict of interest disclosures, and full transparency. This aims to activate market liquidity while preventing unfair trading and利益输送 (interest transfer) risks.

Margaret Fong also disclosed that tokenized assets have experienced rapid growth over the past year: among them, the managed size of tokenized gold has reached $400 million, doubling in the past six months; the Hong Kong SFC has authorized 11 tokenized money market funds, and the process of real-world asset (RWA) compliance and institutionalization continues to accelerate. Led by the Hong Kong Monetary Authority, the Project Ensemble initiative is advancing a pilot of tokenized deposit settlement money market funds, connecting on-chain clearing with traditional financial infrastructure, laying the foundation for scaled applications. Regarding the regulatory roadmap, the Hong Kong SFC has completed consultations on virtual asset trading and custody, forming a clear consensus on rules; it plans to submit legislative proposals related to virtual assets jointly with the Hong Kong SAR government within 2026, moving from regulatory guidelines to legal frameworks, and providing a “Hong Kong solution” for global digital asset regulation.