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 authorised buying and selling platforms to create perpetual contract merchandise for skilled buyers.
Brokers can present digital asset financing to present securities margin shoppers if these shoppers have sufficient collateral and a strong credit score report. 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 might develop leveraged perpetual contracts. Entry to those merchandise will keep restricted to skilled buyers.
Affiliated corporations of licensed platforms might act as market makers. They need to observe guidelines that forestall conflicts of curiosity, hold operations separate, and defend system safety.
Talking at Consensus Hong Kong 2026, Eric Yip, the SFC’s govt director of intermediaries, stated 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 observe the identical fundamental construction used for securities margin accounts. They embody controls on collateral high quality, publicity limits, valuation haircuts, and inside oversight.
Yip stated the goal is to assist “accountable leverage that helps liquidity with out undermining monetary stability”. He added that perpetual merchandise will observe a principles-based method that requires clear disclosures and robust threat controls.
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