Bitcoin and Ethereum perpetual contracts may be the first pilot for virtual asset derivatives trading in Hong Kong According to Huaxia Times, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, previously stated in response to questions from legislators that the Hong Kong Securities and Futures Commission is considering introducing virtual asset derivative trading for professional investors and will develop robust risk management measures. According to analysts cited by Huaxia Times, based on international experience, it is expected that in the early stages of the policy, the Hong Kong derivatives market will pilot perpetual contracts for mainstream virtual assets such as Bitcoin and Ethereum. From an international perspective, multiple international institutions, including the Singapore Exchange (SGX), Coinbase, and the US Commodity Futures Trading Commission (CFTC), as well as the European MiFiDII regulatory framework, have prioritized perpetual contracts as an important direction for virtual asset derivatives.