In-depth Interpretation of HashKey Exchange SFC "A-S-P-I-Re" Roadmap: Focusing on Institutional Investors, with Substantial Progress on at Least Three Major Initiatives Within the Year
We understand that this is out of consideration for the protection of retail investors and is also aimed at further attracting institutional investors.We are pleased to see the Hong Kong government release the forward-looking and pragmatic "A-S-P-I-Re" roadmap for the development of the virtual asset industry. This roadmap includes 5 pillars and 12 initiatives, anchoring the direction for the development of the virtual asset industry in Hong Kong over the next three years. Key focus areas include open staking services, attracting global liquidity, exploring derivatives trading and financing, adjusting the ratio of hot and cold wallets and insurance, and cross-departmental and cross-regulatory collaboration in innovative fields. As the largest licensed virtual asset exchange in Hong Kong, HashKey Exchange has been closely cooperating with regulatory authorities and communicating transparently. We have actively explored multiple core areas that align closely with the key directions of the roadmap:
- Expansion of Products and Services
- Pillar P (Products) refers to expanding products and services based on investor classification. The staking service mentioned is one of the business directions we have been focusing on since last year. With the technical support of HashKey Cloud, we are confident in achieving a complete business loop at the group level, providing users with safer and more efficient staking services.
- The SFC mentioned exploring new token listing mechanisms, which means optimizing the "track record" requirements and considering relaxing the current 12-month restriction, further enhancing the convenience of new token listings.
- In addition, trading of virtual asset derivatives will be an important direction for market growth. If contract functions are opened in the future, the market increment is expected to reach 30%-40%, further enhancing liquidity and prosperity, while also providing investors with better hedging tools.
Optimization of Insurance and Compensation Framework
Pillar S (Safeguards) indicates that compliance burdens will be optimized without compromising safety. The optimization suggestions for the insurance and protection framework mentioned in the "Safeguards" section reflect the regulatory authorities' positive response to industry needs. More comprehensive custody and insurance arrangements indicate that the SFC will consider new technological developments, optimize the ratio of hot and cold wallets, enhance customer experience, and reduce the operational burden on platforms. This will help businesses lower operational costs, unleash innovation potential, and provide stronger confidence guarantees for investors.Cross-Regional Liquidity Connectivity
Pillar A (Access) explains that market access will be simplified through regulatory clarity. The mention of attracting international "order flows" in the Access section further demonstrates Hong Kong's active exploration of cross-regional liquidity connectivity. HashKey Exchange will also actively explore how to integrate overseas traffic with local traffic, which will be an important step for Hong Kong to become a world-class Web3 hub. We believe this will bring more opportunities for local and international market participants.
Why Only Open to Professional Investors?
We understand this is due to considerations for the protection of retail investors and further attraction of institutional investors. As the market matures, these products are expected to open up to a broader investor base in the future, achieving greater market participation and inclusivity.
Overall, the "A-S-P-I-Re" roadmap provides a clear blueprint for the development of Hong Kong's virtual asset industry. Many contents of this roadmap stem from industry voices and feedback, and it is expected that at least three major initiatives will make substantial progress this year. HashKey Exchange will continue to build on compliance and stability, striving for product innovation, technological breakthroughs, and market openness. We look forward to working hand in hand with regulatory authorities and industry partners to promote Hong Kong as a leader in the global virtual asset field, creating more value and opportunities for investors.
