Author: Li Shengyang
Abstract: On February 11, 2026, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Liang Fengyi, announced three new regulatory initiatives for virtual assets at the Consensus 2026 conference. The specifics include: allowing licensed platforms to provide perpetual contract products to professional investors; allowing brokers to accept Bitcoin and Ethereum as collateral for margin financing; and relaxing regulations to allow licensed platforms to provide market-making services through independent subsidiary units. This policy adjustment is a critical step for Hong Kong to implement its virtual asset regulatory roadmap released in 2025 and to build a comprehensive regulatory ecosystem.
Interpretation of Three Core Initiatives
During the Consensus 2026 conference, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Liang Fengyi, announced three significant new measures regarding the regulation of virtual assets, marking a substantial step forward for Hong Kong in building a regulatory ecosystem for virtual assets.
The first initiative involves margin financing operations, which will allow licensed brokers to provide financing services for clients with a good credit background and accept virtual assets as collateral. In the initial stage, this service will be limited to Bitcoin and Ethereum as qualifying collateral, requiring adherence to prudent standards similar to those in traditional financial markets to manage market volatility risks through appropriate haircut rates.
The second initiative concerns the regulatory framework for perpetual contract products. The Hong Kong Securities and Futures Commission plans to publish a "high-level regulatory framework" that explicitly allows licensed virtual asset trading platforms to offer perpetual contract products to eligible investors. This type of derivative contract will temporarily be limited to participation from "professional investors," imposing strict requirements on platform transparency and risk management systems, particularly regarding their capabilities in managing volatility fees and automated liquidation mechanisms.
The third initiative involves the regulations for market makers. The Securities and Futures Commission intends to relax relevant restrictions, allowing licensed platforms to offer liquidity services through their affiliated market-making units. The premise of this policy change is that platforms must be able to demonstrate the functional independence of their market-making units and establish strict and effective conflict of interest management mechanisms.
While announcing these measures, Liang Fengyi also revealed Hong Kong's developments in the field of tokenized assets. She noted that the asset management scale of tokenized gold has reached 400 million USD, doubling in the past six months. The Commission has authorized 11 tokenized money market funds, while the "Project Ensemble" is piloting the use of tokenized deposits to settle money market fund transactions.
From Strategic Planning to Market Motives
The adjustment of Hong Kong's regulatory policy is not an isolated event but a continuation and deepening of the long-term planning by the Hong Kong Special Administrative Region Government and financial regulatory agencies to progressively advance the virtual asset regulatory strategy. In 2025, the Hong Kong Securities and Futures Commission had already released a virtual asset regulatory roadmap, clearly stating the goal to develop a local virtual asset market and to conduct a series of public consultations on virtual asset trading and custody. The newly announced initiatives are a concrete implementation and response to this prior work.
From an international perspective, the regulatory attitudes and frameworks towards virtual assets among major global financial centers are gradually diverging. On one hand, some jurisdictions adopt cautious or restrictive attitudes towards virtual assets, especially regarding derivatives trading; on the other hand, some financial centers are exploring how to provide development space for innovative financial products while effectively managing risks. Hong Kong's policy adjustment demonstrates its pragmatic and forward-looking stance in virtual asset regulation, attempting to seek a balance between risk control and market development.
As an international financial center, Hong Kong faces competitive pressure from other financial centers like Singapore and Dubai. These cities are also actively exploring virtual asset regulatory frameworks to attract relevant businesses and capital. The clarity of this regulatory policy in Hong Kong, especially the openness to complex products like perpetual contracts and margin financing, will help enhance its competitiveness as a hub for virtual assets, attracting more compliant virtual asset service providers and professional investors.
From a technical development perspective, the rapid growth of tokenized assets also provides a practical foundation for regulatory innovation. The doubling of the scale of tokenized gold mentioned by Liang Fengyi within six months, along with the launch of tokenized money market funds, indicates that the application of blockchain technology in traditional financial assets is accelerating. This trend prompts regulators to establish regulatory frameworks that adapt to new technological developments, supporting financial innovation while protecting investor interests.
The recent policy adjustment also reflects the regulatory principle of "same business, same risk, same rules." Although virtual assets have their uniqueness, their financial nature is similar to traditional assets. Therefore, when allowing virtual assets to be used as collateral, the Hong Kong Securities and Futures Commission requires prudent haircut rates to be implemented according to traditional financial standards; and in allowing perpetual contract trading, it also emphasizes strict requirements for the platform's risk management capabilities, reflecting the incorporation of virtual assets into the existing financial regulatory system.
Impact on the Virtual Asset Market
The adjustment of Hong Kong's regulatory policy is expected to have multiple impacts on the virtual asset market, including aspects such as market structure, liquidity, product innovation, and the global regulatory landscape.
From the perspective of market structure, allowing licensed platforms in Hong Kong to offer perpetual contract products may change the competitive landscape of the virtual asset derivatives market in the Asia-Pacific region. Perpetual contracts are currently one of the most popular derivatives on virtual asset exchanges, but their high leverage characteristics also bring significant risks. Including such products within the regulatory framework may attract more institutional investors to participate while also providing a safer trading environment for retail investors (although initially limited to professional investors). This regulatory recognition could enhance traditional financial institutions' acceptance of virtual asset derivatives, promoting further inflow of institutional capital into the virtual asset market.
Allowing virtual assets to be used as collateral for margin financing will significantly enhance the financial utility and capital efficiency of virtual assets. In traditional financial markets, investors can typically use securities as collateral to obtain financing, thereby amplifying their investment capacity. Extending this mechanism to mainstream virtual assets like Bitcoin and Ethereum implies that virtual asset holders can obtain liquidity without selling their assets, reducing market selling pressure while increasing overall market liquidity. This change may promote a culture of holding virtual assets, lowering market volatility.
From the perspective of product innovation, the clarity of Hong Kong's regulatory policy will provide a clearer path for innovation in virtual asset financial products. The rapid growth in the asset management scale of tokenized gold mentioned by Liang Fengyi and the launch of tokenized money market funds show that the integration of traditional assets and blockchain technology is accelerating. New policies may further drive the tokenization process of real-world assets (RWA), as well as the development of innovative financial products based on virtual assets, such as structured products and index funds. These developments will make the virtual asset market more diverse, attracting a broader investor base.
The relaxation of market maker regulations may enhance the liquidity and market depth of virtual asset trading platforms in Hong Kong. Market makers play an important role in financial markets by providing liquidity and reducing bid-ask spreads. Allowing platforms to provide liquidity through affiliated market-making units can lower transaction costs and improve market efficiency. However, this also poses challenges for regulation, requiring assurances regarding the independence of market-making units and effective conflict of interest management to prevent market manipulation and unfair trading practices.
For the global regulatory landscape, Hong Kong's regulatory innovations may influence policy-making in other jurisdictions. As an international financial center, Hong Kong's regulatory practices are often observed and referenced by other markets. If Hong Kong's virtual asset regulatory framework proves effective in balancing innovation and risk in practice, it may encourage other financial centers to adopt similar or competitive regulatory measures, promoting the coordination and convergence of global virtual asset regulatory standards. Particularly in complex areas such as virtual asset derivatives and collateral financing, Hong Kong's experience may provide valuable references for international regulatory cooperation.
In the long term, Hong Kong's new regulatory measures are part of its strategy to build a "complete virtual asset regulatory ecosystem." Liang Fengyi indicated that the Securities and Futures Commission has published a consultation summary on virtual asset trading and custody and plans to work with the Special Administrative Region Government to submit relevant legislative proposals within this year. This indicates that Hong Kong is transitioning from policy statements to concrete legislation and system construction. If successful in building this ecosystem, Hong Kong is expected to become a bridge connecting traditional finance with the virtual asset world, facilitating a deeper integration of the two.
However, these policy changes also bring new challenges and risks. The high leverage characteristics of perpetual contracts, if not managed well, may lead to significant losses for investors; the valuation fluctuations of virtual assets used as collateral could trigger systemic risks; and the relaxation of market maker rules necessitates strict regulation to prevent market abuse. The Hong Kong Securities and Futures Commission clearly recognizes these risks and has set corresponding limits and safeguards in each policy, such as limiting participation to professional investors, requiring prudent haircut rates, emphasizing platform risk management capabilities, etc. The effectiveness of these measures will be tested in practice.
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