Feng Yi Liang announces three new initiatives: Hong Kong plans to allow licensed platforms to offer perpetual contract products and virtual asset collateralized financing services, and relax regulations on related market makers.

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Foresight News on-site report: Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung stated at Consensus 2026 that the Hong Kong SFC is working to establish a comprehensive virtual asset regulatory ecosystem and announced three new initiatives: First, Guaranteed Financing: allowing brokers to provide financing services to clients with good credit backgrounds, with collateral including securities and virtual assets. Initially, this will only be available for Bitcoin and Ethereum, with prudent haircut standards based on traditional financial practices.

Second, Perpetual Contracts: a high-level regulatory framework will be announced to permit licensed platforms to offer perpetual contract products. Currently, this service is limited to “professional investors” and requires platforms to maintain high transparency and have risk management capabilities for volatility fees and automatic liquidation.

Third, Related Market Makers: regulations are planned to be relaxed to allow licensed platforms to provide liquidity through their affiliated market-making units, provided they can demonstrate operational independence and strict conflict of interest management.

Leung pointed out that tokenized assets have developed rapidly over the past year, with tokenized gold asset management reaching $400 million, doubling in the last six months. Currently, the SFC has authorized 11 tokenized money market funds. Additionally, Project Ensemble is piloting the use of tokenized deposit settlement money market funds. Regarding the regulatory roadmap, the Hong Kong SFC has published a consultation summary on virtual asset trading and custody and plans to collaborate with the SAR government to submit relevant legislative proposals within this year.

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