# HongKongPlansNewVAGuidelines

#香港拟年内再推虚拟资产指引 The Introduction of the Affiliate Market Maker System: Hong Kong's Crypto Market Bids Farewell to the "Liquidity Shortage" Puzzle
On February 11, 2026, the Hong Kong Securities and Futures Commission (SFC) issued a circular regarding the approval of virtual asset trading platform operators to accept affiliated market makers, marking a key move in the "three arrows" strategy (guaranteed financing, perpetual contracts, introduction of market makers): the first time licensed virtual asset trading platforms (VATPs) are permitted to have affiliated companies act as market makers on

Virtual assets also need to "get certified." Has the era really changed?
If the early crypto world was like a martial arts circle, now it’s increasingly like the workplace—if you want to stay long-term, you need qualifications, records, and a sense of rules. Hong Kong plans to introduce new guidelines, which is essentially issuing a "job description" for the industry.
Humorously speaking, in the past, issuing tokens was like opening a bubble tea shop—just start and see what happens; now, you might need to check licenses, procedures, risk control, and disclosure first. Less romance, more pr