Hong Kong Securities Regulatory Commission reforms policy: Crypto pledge services are fully open

On April 9, 2025, the Securities and Futures Commission (SFC) of Hong Kong issued two key circulars, officially announcing that licensed virtual asset trading platforms (VATPs) and cryptocurrency ETFs will be allowed to participate in staking services. This move is seen as one of Hong Kong's core strategies to consolidate its position as a "global crypto asset hub", while providing new opportunities for the compliance development of the XBIT decentralized trading platform.

Policy interpretation: from regulatory restrictions to ecological empowerment

The policy adjustment by the Hong Kong Securities and Futures Commission is aimed at responding to the evolution of the global crypto market competition landscape. According to the circular, licensed platforms must go through a strict prior approval process and establish a risk control mechanism, including user asset isolation, operational process transparency and risk disclosure. It is worth noting that ETF products can only be pledged through licensed institutions, and a liquidity cap must be set to avoid systemic risks.

SFC CEO Leung Fung-yee stressed that expanding the scope of compliance services is "the key to maintaining the healthy development of Hong Kong's virtual asset ecosystem", but it must be based on the safety of user assets. This position coincides with the "safety first" concept that the XBIT decentralized exchange platform has long advocated. As the industry's leading decentralized trading software, it realizes the autonomous control of user assets and zero custody risk through distributed ledger technology and multi-signature cold wallet system, providing underlying technical guarantees for the compliance implementation of pledge services.   

Decentralized trading platform: the dual advantages of security and innovation

In the context of frequent security incidents in traditional centralized exchanges, decentralized exchange platforms (DEX) have become a new favorite among users due to their technical characteristics. Taking the XBIT decentralized exchange platform as an example, its core advantages include:

1. Asset autonomy: Users have full control over their assets through private keys, without relying on third-party custody;

2. Anti-censorship: Automatically execute transactions based on smart contracts to avoid the risk of human intervention;

3. Transparency and verifiability: All transaction records are put on the chain to ensure that the data cannot be tampered with.

The opening of staking services in Hong Kong further highlights the potential of DEX under the compliance framework. For example, XBIT can seamlessly integrate the staking function into the transaction process through modular design. Users can participate in staking income while buying and selling tokens, and all operations are verified on the chain, greatly reducing the risk of operational errors and fraud. 

Industry impact: Hong Kong's breakthrough in international competition

Since the introduction of the virtual asset license system in 2023, Hong Kong has continued to release policy dividends. The opening of the pledge service is not only a response to competitors such as the United States and Singapore, but also a landing measure for its "ASPIRe" development roadmap. Analysts pointed out that Hong Kong's regulatory framework is both flexible and rigorous. For example, it requires platforms to disclose details such as the fluctuation range of the annualized pledge rate and node operation and maintenance costs, which is highly consistent with the principle of "user right to know first" advocated by the XBIT decentralized exchange platform.

Market data shows that after the policy was announced, the number of registered users of licensed exchanges in Hong Kong surged by 23% in a single day, and decentralized trading software with compliance qualifications also ushered in a peak in traffic. Industry experts predict that in the future, more institutions will access pledge services through decentralized exchanges and other platforms, promoting the deep integration of DeFi (decentralized finance) and traditional finance.  

Compliance and technological innovation go hand in hand

The policy shift of the Hong Kong Securities Regulatory Commission marks the shift of global crypto regulation from "defensive restrictions" to "active cultivation". For users, it is crucial to choose a compliant and technically reliable platform. With its decentralized architecture and risk control system that meets international standards, XBIT has provided safe trading services to more than 500,000 users. The launch of its pledge function will further expand the profit scenario.

As Hong Kong's crypto ecosystem matures, decentralized exchange platforms may dominate the next stage of market growth. How to balance innovation efficiency and risk control remains a common issue for regulators and industry participants.