The Hong Kong Securities and Futures Commission (SFC) has released a new virtual asset regulation roadmap, outlining a balanced approach to fostering innovation while mitigating systemic risks. Known as the ASPI-Re roadmap, this initiative focuses on several key areas: creating a Regulatory Sandbox 2.0 for testing innovative governance tools like DAO voting for regulatory involvement; promoting cross-border regulatory partnerships to develop efficient on-chain compliance protocols that reduce operational costs for international businesses; and introducing a negative list management model. This approach would explicitly prohibit certain activities, such as anonymous coin mixing, while allowing the industry self-regulation based on risk principles in other areas.