{"id":3338,"date":"2026-03-28T04:01:49","date_gmt":"2026-03-28T04:01:49","guid":{"rendered":"https:\/\/mielogroup.com\/?p=3338"},"modified":"2026-03-28T04:03:58","modified_gmt":"2026-03-28T04:03:58","slug":"hong-kongs-aspire-phase-2-high-leverage-and-global-liquidity-redefine-the-crypto-hub","status":"publish","type":"post","link":"https:\/\/mielogroup.com\/fr\/hong-kongs-aspire-phase-2-high-leverage-and-global-liquidity-redefine-the-crypto-hub\/","title":{"rendered":"Phase 2 de l'ASPIRe de Hong Kong : la liquidit\u00e9 mondiale et \u00e0 fort effet de levier red\u00e9finit la plaque tournante des crypto-monnaies"},"content":{"rendered":"
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HONG KONG<\/strong> \u2013 In a series of landmark circulars issued in February 2026, the Securities and Futures Commission (SFC) officially transitioned its virtual asset (VA) regime from “restrictive” to “institutional-competitive.” Under the second phase of the ASPIRe Roadmap<\/strong>, the regulator has unlocked leveraged products, permitted affiliated market makers, and integrated local platforms into global liquidity pools.<\/p>

  1. The Leverage Breakthrough: Margin Financing & Perps<\/strong><\/li><\/ol>

    For the first time, the SFC has bridged the gap between traditional brokerage services and digital assets by allowing “Financial Accommodation” (margin) and Perpetual Contracts.<\/p>

    VA Margin Financing<\/strong><\/p>

    Licensed brokers can now extend credit to clients for purchasing virtual assets. However, the SFC has imposed high-barrier safety rails to prevent the “contagion” seen in unregulated markets:<\/p>

    • Eligible Collateral:<\/strong> Limited strictly to Bitcoin (BTC)<\/strong> et Ethereum (ETH)<\/strong>.<\/li>
    • Mandatory Haircuts:<\/strong> Brokers must apply a minimum 60% haircut<\/strong> to VA collateral. This means $100 of BTC only provides $40 of buying power\u2014a stark contrast to the 10\u201320% haircuts common on offshore exchanges.<\/li>
    • Target Audience:<\/strong> Limited to existing securities margin clients who have already passed rigorous credit assessments.<\/li><\/ul>


      Virtual Asset Perpetual Contracts (Perps)<\/strong><\/p>

      The SFC has introduced a principles-based framework for “Perps,” which are derivatives with no expiry date.<\/p>

      • Professional Investors Only:<\/strong> Unlike spot trading, Perps are currently prohibited for retail users.<\/li>
      • Transparent Pricing:<\/strong> Platforms must derive “Funding Rates” and “Mark Prices” from multiple independent, high-volume sources to prevent price manipulation during liquidations.

        <\/li><\/ul>
        1. Unlocking Liquidity: Shared Order Books & AFMMs

          <\/strong><\/li><\/ol>

          Liquidity was the primary hurdle for Hong Kong\u2019s 2024 crypto launch. The 2026 updates address this through two structural shifts:<\/p>

          Shared Order Books (Global Pooling)<\/strong><\/p>

          Hong Kong-licensed platforms are now permitted to “pool” their orders with overseas affiliates.<\/p>

          • The Impact:<\/strong> This creates deeper order books and tighter bid-ask spreads, making HK competitive with global giants.<\/li>
          • Retail “Opt-In”:<\/strong> Retail investors can access these global pools only if they expressly elect<\/strong> to do so after receiving a clear disclosure about the cross-border settlement risks.

            <\/li><\/ul>

            Affiliated Market Makers (AFMM)<\/strong><\/p>

            In a major policy reversal, the SFC now allows affiliates of a trading platform to act as market makers on that same platform.<\/p>

            • Independence Rules:<\/strong> The AFMM must be “functionally independent,” with separate management and a “Chinese Wall” to prevent front-running client orders.<\/li>
            • Priority Execution:<\/strong> A platform must ensure that client orders always take priority over the AFMM\u2019s proprietary trades at the same price.

              <\/li><\/ul>
              1. The ASPIRe Framework: 5 Pillars of Growth<\/strong><\/li><\/ol>


                The February updates are the direct result of the SFC\u2019s ASPIRe<\/strong> strategic blueprint:<\/p>

                Pillar<\/strong><\/p><\/td>

                Focus Area<\/strong><\/p><\/td>

                2026 Implementation Status<\/strong><\/p><\/td><\/tr><\/thead>

                A<\/strong>ccess<\/p><\/td>

                Global Connectivity<\/p><\/td>

                Shared Order Books and Omnibus accounts live.<\/p><\/td><\/tr>

                S<\/strong>afeguards<\/p><\/td>

                Risk Management<\/p><\/td>

                Shift to tech-neutral custody and 60% margin haircuts.<\/p><\/td><\/tr>

                P<\/strong>roducts<\/p><\/td>

                Asset Diversity<\/p><\/td>

                Margin, Perps, and tokenized RWA listings approved.<\/p><\/td><\/tr>

                I<\/strong>nfrastructure<\/p><\/td>

                Monitoring<\/p><\/td>

                Real-time surveillance for “unauthorized” withdrawal detection.<\/p><\/td><\/tr>

                Re<\/strong>lationships<\/p><\/td>

                Industry Engagement<\/p><\/td>

                Launch of the “Digital Asset Accelerator” for OTC testing.<\/p><\/td><\/tr><\/tbody><\/table>

                1. Operational Guardrails: The New “Standard”

                  <\/strong><\/li><\/ol>

                  The SFC\u2019s new guidance places heavy personal accountability on Responsible Officers (ROs)<\/strong> et Managers-in-Charge (MICs)<\/strong>. Firms must now implement:<\/p>

                  1. Withdrawal Monitoring:<\/strong> Automated systems to detect and block massive, abnormal outflows that could signal a protocol hack.<\/li>
                  2. Credit Analysis:<\/strong> Firms must assess a client’s “VA Volatility Risk” specifically, rather than just general financial health.<\/li>
                  3. Conflict Reporting:<\/strong> Any platform using an AFMM must submit an Independent Professional Firm\u2019s Report<\/strong> to the SFC before starting operations.

                    <\/li><\/ol>

                    The Bottom Line<\/strong><\/p>

                    The 2026 ASPIRe updates signal that Hong Kong is no longer playing “catch-up.” By allowing regulated leverage and global liquidity sharing, the SFC has created a framework that mirrors the sophistication of traditional Tier-1 financial markets while maintaining the strictest safety standards in the digital asset world.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

                    HONG KONG \u2013 In a series of landmark circulars issued in February 2026, the Securities and Futures Commission (SFC) officially transitioned its virtual asset (VA) regime from “restrictive” to “institutional-competitive.” Under the second phase of the ASPIRe Roadmap, the regulator has unlocked leveraged products, permitted affiliated market makers, and integrated local platforms into global liquidity […]<\/p>\n","protected":false},"author":1,"featured_media":3343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[19,20,45],"tags":[],"class_list":["post-3338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-assets-blockchain-landscape","category-hong-kong-business-guide","category-news-views"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t