永续合约或成为首批试点，香港考虑开放虚拟资产衍生品交易

Core Viewpoint - Hong Kong's Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, with a focus on robust risk management measures to ensure orderly and transparent trading [2][3]. Group 1: Market Development - The initial phase of the derivatives market is expected to pilot with perpetual contracts for mainstream virtual assets like Bitcoin and Ethereum, aligning with global regulatory trends [4]. - The introduction of derivatives trading is anticipated to increase the liquidity and vibrancy of the Hong Kong crypto market by over 50%, providing better hedging tools for investors [6]. Group 2: Current Market Status - Currently, Hong Kong has virtual asset futures ETFs in circulation, with three approved by the Securities and Futures Commission, and public trading of Bitcoin and Ethereum allowed since June 2023 [5]. - The revenue model for cryptocurrency exchanges heavily relies on derivatives trading, as evidenced by Coinbase's Q1 2025 report, which showed total revenue of $2.03 billion, with trading income constituting over 60% [5]. Group 3: Regulatory Framework - Professional investors in Hong Kong are defined as high-net-worth individuals or entities with specific asset thresholds, which include holding over HKD 40 million or an investment portfolio worth over HKD 8 million [3]. - The upcoming second policy declaration on virtual asset development will outline future policy directions, focusing on expanding the types of virtual asset products and services while ensuring investor protection [7].