At Hong Kong FinTech Week 2025, Julia Leung, Chief Executive Officer of the Securities and Futures Commission (SFC), unveiled a new phase for Hong Kong’s digital asset ecosystem. Speaking at the event, Leung outlined how the SFC is moving towards building a globally competitive and trusted environment by addressing innovation, market access, and investor protection. Leung highlighted the SFC’s ASPIRe Roadmap under “Pillar A: Access,” which will enable licensed virtual asset trading platforms (VATPs) to share a global order book with their overseas affiliates. This move signifies a significant step towards integrating Hong Kong’s digital asset markets with international liquidity pools, enhancing price discovery, improving trading efficiency, and attracting more institutional investment. The SFC also announced plans to expand the services and products offered by licensed VATPs through a second circular. This will allow the distribution of digital asset-related products and tokenized securities, while waiving the 12-month track record requirement for Hong Kong Monetary Authority-approved stablecoins and professional-investor tokens. Leung emphasized that this regulatory framework based on “same business, same risks, same rules” provides transparency and predictability, setting global benchmarks aligned with frameworks like the EU’s MiCA. In concluding her address, Leung underlined the goal of building a sustainable, liquid, and interoperable digital asset market, anchored by robust infrastructure, cross-border harmonization, and enhanced investor education as Hong Kong positions itself at the forefront of global digital finance.