Hong Kong SFC unveils new crypto margin and derivatives rules focused on Bitcoin and Ether

On February 11 2026, Hong Kong's Securities and Futures Commission outlined new rules that allow licensed brokers to offer margin lending for virtual assets and introduce a regulated framework for leveraged perpetual contracts. Margin financing will initially be backed only by Bitcoin and Ether as collateral, while perpetual swaps will be restricted to professional investors on approved platforms. The measures form part of the ASPIRe initiative and are expected to work alongside forthcoming stablecoin licensing and broader crypto regulatory clarity later in 2026.