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Tokenization of RWA
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Tokenization of RWA
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executive summary
SFC launches trading initiatives to boost digital asset market vibrancy in Hong Kong
11 Feb 2026
The Securities and Futures Commission (SFC) today issued new guidance to extend virtual asset (VA) services to margin financing for licensed brokers providing VA dealing services (VA brokers), and to set out a high-level framework to guide virtual asset trading platforms (VATPs) in developing proposals for VA‑related leveraged products intended for professional investors.
As part of its latest measures to expand product and service diversity under the ASPIRe Roadmap (Note 1), the SFC is allowing VA brokers to offer VA financing to their securities margin clients, subject to the sufficiency of collateral and robust investor safeguards (Note 2). This would enable margin clients with strong credit profiles and collateral to participate more actively in VA trading, thus enhancing the liquidity of Hong Kong’s market in a risk-controlled manner.
For licensed VATPs, the SFC has set out, for the first time, a high-level framework to guide them in developing perpetual contracts, which are leveraged instruments, for offering exclusively to professional investors. This aims to support their risk management strategies and also deepen liquidity in the underlying spot market. To ensure investor protection, transparent product design, clear disclosures and robust operational controls for these leveraged products are outlined (Note 3).
To further drive VA trading activity in Hong Kong, the SFC permits affiliates of licensed VATPs to act as market makers on their platforms, provided that strong safeguards are in place to mitigate conflicts of interest (Note 4). Participation of these affiliates should provide licensed VATPs with an additional avenue for liquidity.
“Our structured development approach based on the ASPIRe Roadmap is essential to scaling our digital asset market,” said Dr Eric Yip, the SFC’s Executive Director of Intermediaries. “These targeted initiatives to enhance liquidity showcase the SFC’s unswerving commitment to developing Hong Kong’s digital asset market in a sustainable and collaborative manner.” (Note 5)
The SFC will continue to monitor implementation closely and engage with stakeholders to ensure these measures promote a safe and competitive market environment in Hong Kong.
Headline: RWA Tokenization Breakthrough
Why: Master cutting-edge investment strategies in digital asset transformation, gaining competitive edge in emerging blockchain finance markets.
Executive summary:
• Blockchain enables real-world asset digital conversion
• Compliance remains primary market development barrier
• Potential benefits include enhanced transaction transparency
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key point
The key point and your take-away from this case study 'Tokenization of RWA'. Your learning combines both language skills and market knowledge.
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Tokenization has broad prospects, but compliance is the main bottleneck to its development.
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