Hong Kong’s Securities and Futures Commission (SFC) has convened the third meeting of its Digital Asset Consultative Panel (DACP), keeping its regular, behind-the-scenes engagement with industry in motion as the city continues to build out its virtual asset regime. The SFC said meeting participants discussed initiatives aimed at strengthening the digital asset ecosystem, including regulatory measures.
The DACP matters less for a single headline outcome and more for what it signals: the SFC is still actively pressure-testing its next steps with market participants — a theme that sits squarely inside the regulator’s broader ASPIRe roadmap for Hong Kong’s virtual asset market.
The bigger picture: ASPIRe is the framework behind the meetings
The SFC’s ASPIRe roadmap is the policy “map” the regulator has been using to frame how Hong Kong wants its crypto market to evolve — not just by tightening safeguards, but also by selectively widening what regulated venues can offer over time. The roadmap spells out five pillars — Access, Safeguards, Products, Infrastructure, Relationships — and sets out a package of initiatives meant to “future-proof” Hong Kong’s virtual asset market.
Importantly, ASPIRe also makes explicit what’s currently restricted on regulated venues (in its own discussion of market gaps): it notes limitations around areas like new token listings, margin trading, derivatives, staking, and borrowing/lending on regulated platforms — and describes the SFC exploring possible expansions (for example, professional-investor-only directions) alongside risk controls.
Because the third DACP meeting announcement (as accessible via the SFC’s e-distribution gateway) doesn’t publish granular agenda items, the safest read is this: the regulator is continuing the “iterate with industry” process while ASPIRe remains the reference blueprint.
Why it matters for crypto
- Hong Kong is still iterating in public view. Regular DACP meetings are a signal that the SFC is actively shaping market rules through ongoing dialogue, not just one-off consultations.
- ASPIRe is where product scope could widen — under supervision. The roadmap discusses restrictions on regulated venues and the SFC exploring potential expansions (notably in professional-investor contexts) with safeguards.
- Policy direction affects market structure decisions. For exchanges, custody providers, and institutional participants, the “Infrastructure” and “Safeguards” emphasis in ASPIRe is the part that tends to translate into operational requirements (reporting, surveillance expectations, custody standards).
- Engagement is part of the design. ASPIRe explicitly positions structured industry collaboration as a pillar (“Relationships”), which makes DACP continuity itself a regulatory signal.
What to watch next
- More detail from the SFC on specific initiatives discussed. The third-meeting notice doesn’t publish a full agenda in the accessible snippet, so any follow-up note or speech that names priorities will be important.
- ASPIRe-linked rulemaking and guidance. Watch for concrete consultations or circulars that operationalize roadmap themes—especially around product scope, custody expectations, or reporting/surveillance.
- Signals on product expansion for regulated venues. ASPIRe discusses exploring additions such as PI-only token listings and derivatives; any formal move here would be a material shift in Hong Kong’s regulated crypto menu.
Source: SFC e-Distribution — “SFC convenes third Digital Asset Consultative Panel meeting”