Hong Kong’s Securities and Futures Fee (SFC) introduced new guidelines that permit licensed brokers to supply margin financing for digital property.
The regulator additionally launched a fundamental framework that permits accredited buying and selling platforms to create perpetual contract merchandise for skilled buyers.
Brokers can present digital asset financing to current securities margin shoppers if these shoppers have sufficient collateral and a strong credit score file. For now, solely Bitcoin and Ethereum can be utilized as collateral.
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The SFC additionally defined how licensed buying and selling platforms could develop leveraged perpetual contracts. Entry to those merchandise will keep restricted to skilled buyers.
Affiliated firms of licensed platforms could act as market makers. They need to comply with guidelines that stop conflicts of curiosity, maintain operations separate, and defend system safety.
Talking at Consensus Hong Kong 2026, Eric Yip, the SFC’s government director of intermediaries, mentioned the regulator’s digital asset work has reached a “defining stage” beneath its ASPIRe roadmap, which covers Entry, Safeguards, Merchandise, Infrastructure, and Relationships.
He famous that the margin financing guidelines comply with the identical fundamental construction used for securities margin accounts. They embody controls on collateral high quality, publicity limits, valuation haircuts, and inside oversight.
Yip mentioned the goal is to help “accountable leverage that helps liquidity with out undermining monetary stability”. He added that perpetual merchandise will comply with a principles-based strategy that requires clear disclosures and powerful threat controls.
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