Hong Kong to Allow Institutional Crypto Perpetual Futures Under New Rules

TheNewsCryptoPublicado em 2026-02-11Última atualização em 2026-02-11

Resumo

Hong Kong's Securities and Futures Commission (SFC) is set to introduce a new regulatory framework allowing licensed trading platforms to offer cryptocurrency perpetual futures contracts. Initially limited to institutional investors, these contracts enable traders to speculate on crypto prices without an expiry date. Platforms must demonstrate robust risk management and disclosure practices. Brokers will be permitted to use Bitcoin and Ethereum as collateral for client financing, subject to strict credit standards. The SFC is also implementing measures to prevent conflicts of interest, requiring exchanges to separate market-making activities into independent units. This cautious, step-by-step approach aims to balance innovation with credibility, attract global institutions, and enhance liquidity while prioritizing transparency and risk management.

Hong Kong is planning to become a leading regulated hub for digital assets. Julia Leung, SFC Chief Executive, speaking at CoinDesk, says that the watchdog will soon publish a high-level regulatory framework that allows licensed trading platforms to offer perpetual futures contracts tied to cryptocurrencies.

Initially limited to institutional investors

Under the upcoming framework, perpetual futures allow traders to speculate on prices without an expiry date. Leung says that initially, it will be allowed only for institutional investors, and platforms must prove they can manage and disclose the risk properly. SFC will remain focused on the fair market rules for the customers.

On the other hand, regulators will allow brokers to finance the clients using selected digital assets as collateral. As the crypto markets have high volatility, the eligibility starts only with Bitcoin and Ethereum. Borrowers must meet strict credit standards. The regulators are moving cautiously with the most stable and established tokens.

SFC is also refining the exchanges that want to run market-making operations; they must separate those activities into independent units and maintain clear conflict of interest controls. This is aimed at preventing exchanges that might see the users’ trading activity and can use that information to make money.

Reason behind this move

The SFC is trying to balance innovation and credibility. The official wants more sophisticated products and greater participation from global institutions. Instead of approving everything at once, the regulators are widening the access step by step.

If this move has been implemented, then Hong Kong could attract hedge funds and trading firms that rely on perpetuals and will increase liquidity in local regulated venues. But the regulator’s goal is clear: that innovations will be welcomed within a framework that prioritizes transparency and risk management.

Highlighted Crypto News:

Ethereum Remains Under Pressure as Price Consolidates Near $2,000

TagsCryptoCryptocurrencyHong Kong

Perguntas relacionadas

QWhat new type of cryptocurrency product will Hong Kong allow under its upcoming regulatory framework?

AHong Kong will allow licensed trading platforms to offer perpetual futures contracts tied to cryptocurrencies.

QWho will be permitted to trade these crypto perpetual futures initially?

AInitially, trading will be allowed only for institutional investors.

QWhich two cryptocurrencies are eligible to be used as collateral for client financing under the new rules?

ABitcoin and Ethereum are the eligible cryptocurrencies that can be used as collateral.

QWhat is one of the key requirements for exchanges that want to run market-making operations?

AThey must separate their market-making activities into independent units and maintain clear conflict of interest controls.

QWhat is the primary goal of the SFC in implementing these new regulations, according to the article?

AThe SFC is trying to balance innovation and credibility, welcoming innovations within a framework that prioritizes transparency and risk management.

Leituras Relacionadas

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

The AI boom is facing an unexpected bottleneck: a severe shortage of skilled construction workers and electricians. As tech giants like Meta, OpenAI, and Alphabet race to build massive data centers—such as OpenAI's $16 billion "Stargate" project—they are hitting a critical labor wall. The U.S. needs an estimated 130,000 more electricians, 240,000 construction workers, and 150,000 supervisors by 2030 for AI infrastructure alone, but tens of thousands of electrician jobs go unfilled each year. While AI companies offer high premiums, with electricians earning up to $280,000 annually, worker scarcity still causes massive losses—delays on a single project can cost $14.2 million per month. The complexity of building AI data centers, which require immense power (equivalent to powering hundreds of thousands of homes), sophisticated electrical systems, and advanced liquid cooling solutions, demands highly skilled technicians who are in short supply. To combat this, companies are investing heavily in training. Meta has committed $115 million to a free training school offering tuition, housing, and stipends, targeting 5,000 new workers. OpenAI is partnering with unions to secure skilled labor. These efforts are paying off, with a significant rise in Gen Z interest in trade schools over college. However, the power demands are staggering. AI data centers are driving a rapid surge in electricity consumption, projected to account for up to 12% of U.S. power use by 2028 and raising costs for consumers. Furthermore, the construction boom is project-based, leading to a potential future glut of trained workers once building peaks, which could depress wages industry-wide. The race for AI supremacy now depends as much on skilled hands as on advanced chips.

marsbitHá 56m

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

marsbitHá 56m

OpenAI No Longer Sells Its Most Expensive Model for Profit

OpenAI is shifting its business strategy away from promoting its most expensive, flagship models for every task. Recent price cuts—80% for GPT-5.6 Luna and 20% for Terra—signal a deeper change: the company now actively advises users that many tasks don't require the most powerful model. Instead, OpenAI recommends a tiered approach: use the high-end GPT-5.6 Sol for complex planning and analysis, then delegate execution to cheaper models like Luna. This mirrors moves by Anthropic, which recently launched Claude Opus 5 at half the price of its top model, Fable 5. Both companies are de-emphasizing flagship models as primary revenue drivers, using them instead for brand prestige and technological showcases. The industry is entering a "mass-market" phase, similar to automotive, where high-volume, cost-effective models handle daily operations and drive scale. OpenAI's price reductions are partly enabled by AI models themselves optimizing underlying code and infrastructure, creating a self-reinforcing cycle of efficiency gains and cost reduction. Competition is shifting from "who is smartest" to "who offers the best value." The goal is no longer selling individual models but fostering widespread API adoption and ecosystem lock-in. By making AI calls cheap and ubiquitous, companies like OpenAI aim to become the indispensable, utility-like infrastructure powering automated workflows—the "water and electricity" of software, quietly embedded everywhere.

marsbitHá 56m

OpenAI No Longer Sells Its Most Expensive Model for Profit

marsbitHá 56m

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

Coldcard hardware wallet users are facing a new wave of coordinated attacks targeting a firmware flaw, with researcher Alex Thorn flagging 218 recent transactions moving approximately 389 Bitcoin from potentially impacted addresses. The attack pattern shows a high rate of transactions targeting unique victim addresses, differing from previous waves. The vulnerability, which causes affected devices to generate weaker wallet seeds, is estimated to have impacted over 1,100 wallets, leading to around $90 million in Bitcoin stolen. Thorn advises affected users who control their keys may attempt to move funds with a higher-fee transaction before the attacker's transactions are confirmed.

cointelegraphHá 1h

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

cointelegraphHá 1h

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

Bitcoin miners are capitulating as evidenced by a sustained drop in network hash rate and a record-steep 19.9% decline in mining difficulty, signaling the shuttering of unprofitable machines. However, in a significant divergence from historical patterns, the stocks of publicly traded mining companies have soared, with one major player gaining over 430% in the past year, even as BTC's price fell roughly 46%. This surge is largely attributed to these companies pivoting toward the more lucrative AI narrative. Simultaneously, miners face a structural squeeze. Daily block reward revenue in BTC terms has hit a new all-time low following the latest halving, with current dollar-denominated daily revenue around $30 million compared to a longer-term average of ~$40 million. Fee revenue remains negligible, covering less than one block's subsidy over a 28-day average and accounting for only about ten minutes of the network's daily security budget. This capitulation cycle is unique: miner stress and crypto price weakness have decoupled due to alternative revenue streams (AI), while the long-term reliance on increasing bitcoin prices to offset shrinking subsidies continues, with fee income still far from filling the impending gap.

marsbitHá 1h

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

marsbitHá 1h

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

The market's expectation for a September Fed rate hike surged dramatically in early August, jumping from under 50% to over 80% within a week. This shift followed a contentious July FOMC meeting, where a 9-3 vote to hold rates revealed growing dissent from hawkish members advocating for an immediate hike to combat persistent inflation. The primary catalyst for this repricing is rising oil prices, driven by renewed geopolitical tensions around the Strait of Hormuz, which threaten global supply. Energy costs directly influence inflation metrics, making the upcoming July CPI report (due August 12th) a critical data point. If it shows inflation reaccelerating, the probability of a September hike will solidify. For Bitcoin and crypto assets, this is typically bearish news. Bitcoin continues to behave as a high-beta, liquidity-sensitive risk asset. A rate hike raises the opportunity cost of holding non-yielding assets and could drive capital toward money markets, pressuring crypto prices in the short term. However, historical patterns suggest that if a hike is perceived as the end of a tightening cycle rather than the start, any negative price impact may be brief. U.S. stocks, particularly crypto-linked equities like Coinbase and growth-oriented tech stocks, are also vulnerable. Higher rates increase discount rates in valuation models, putting pressure on high-multiple companies. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditure to tangible revenue and cash flow generation. Companies with negative cash flow and weak growth narratives could face heightened volatility if borrowing costs rise in September. In summary, a September Fed hike has evolved into a mainstream market scenario. Key factors to watch are oil prices, the July CPI report, and Fed communications, which will determine the final decision and its impact on volatile crypto and equity markets.

marsbitHá 1h

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

marsbitHá 1h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow