香港证监会解禁虚拟资产保证金借贷 首设永续合约发行高层次框架 合格虚拟资产抵押品仅限比特币和以太币

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has introduced a new regulatory framework allowing licensed virtual asset brokers to provide financing services to margin clients, contingent on sufficient collateral and robust investor protections. This marks a significant step in the regulation of the digital asset market following the "ASPIRe" roadmap released in February 2025 [1][2]. Group 1: Regulatory Changes - The SFC has lifted the previous ban on licensed corporations or registered institutions providing financial assistance for purchasing virtual assets, now permitting virtual asset brokers to offer credit for virtual asset trading under specific conditions [1][2]. - Only Bitcoin (BTC) and Ethereum (ETH) are accepted as collateral for virtual asset financing, with a minimum prudent discount rate of 60% applied [2]. - The SFC emphasizes the need for virtual asset brokers to continuously identify and monitor risks associated with their margin loan portfolios, ensuring operational capacity to respond to collateral fluctuations [2]. Group 2: Framework for Derivatives - The SFC has established a high-level framework for virtual asset trading platforms to offer perpetual contracts, which can only be sold to professional investors and must reference assets approved for retail clients or comply with international financial benchmark standards [3]. - Platforms are prohibited from providing any form of credit for margin, requiring that margin be paid in fiat currency, regulated stablecoins, or tokenized deposits [3]. - The framework mandates that platform operators are responsible for settling all transactions on their platforms, regardless of whether they are a party to those transactions [3]. Group 3: Market Development Initiatives - The SFC will launch a digital asset accelerator to facilitate systematic communication between the SFC and industry innovators, providing clear guidance to support innovation while ensuring regulatory compliance [4]. - The introduction of associated companies acting as market makers on licensed virtual asset trading platforms is expected to narrow bid-ask spreads and enhance fairness and transparency [3][4]. - The SFC aims to foster liquidity in the digital asset market through targeted reforms, product diversification, and precise support for innovation, positioning Hong Kong as a leading global digital asset hub [4].