Hong Kong expands crypto leverage rules for pros, launches stablecoin licenses, and boosts digital finance despite Beijing’s broader restrictions.

Hong Kong’s SFC has expanded leverage rules for crypto firms, allowing margin financing for Bitcoin and Ether with strong credit and collateral, and introduced a framework for perpetual contracts for professional investors only, with safeguards for market makers. These moves, part of the ASPIRe roadmap, aim to boost liquidity and investor confidence while restricting retail access. The Hong Kong Monetary Authority plans to issue stablecoin licenses in March, prioritizing real-world use and compliance. Despite Beijing’s broader restrictions on digital assets, Hong Kong continues advancing its digital finance ecosystem, hosting Consensus 2026 and unveiling new products like a wealth management platform and a yield-bearing stablecoin.