The Hong Kong Securities and Futures Commission (SFC) has announced a regulatory circular regarding licensed virtual asset exchanges. The circular mainly focuses on two key points: the sharing of liquidity among virtual asset trading platforms and the expansion of products and services offered by these platforms.

Firstly, the "Circular on Sharing Liquidity Among Virtual Asset Trading Platforms" emphasizes the policy guidelines regarding liquidity sharing. The SFC plans to allow licensed virtual asset trading platforms to share a global order book with their overseas affiliated platforms and is exploring mechanisms for brokers to access international liquidity. This not only helps local investors access global liquidity but also further strengthens Hong Kong's strategic position as a global digital asset trading hub. However, it is important to note that the SFC is not simply "loosening" regulations; it is simultaneously reinforcing investor protection and market supervision. The circular stipulates that platforms must adopt Delivery Versus Payment (DVP) settlement, intraday settlement, and monitoring of unsettled transaction limits, as well as establish a reserve fund and insurance/compensation arrangements in Hong Kong that meet or exceed the limit scale to cover settlement asset risks. Additionally, market surveillance must be uniformly implemented and able to provide transaction and client data to the SFC in real-time. There must be full risk disclosure to retail clients, obtaining their choice, and simultaneous application for written approval, along with additional terms and conditions.

Under this strict and clear regulatory framework, HashKey Exchange, with its network of licensed compliant exchanges established in Hong Kong, Bermuda, and the Middle East, is expected to connect to the global order book with a licensed identity as the policy is gradually implemented, providing more competitive services to global investors while meeting regulatory requirements.

Secondly, the "Circular on Expanding Products and Services of Virtual Asset Trading Platforms" clearly states that the token admission standards will be further relaxed, allowing the sale of virtual assets with less than 12 months of trading records to professional investors and stablecoin issuers, while also permitting licensed platforms to distribute products related to digital assets and digital securities. For HashKey Exchange, this means a more flexible and efficient process for listing virtual assets under the compliance framework, meeting institutional demands for diversified asset allocation. We also note that there is a rising interest in Real World Assets (RWA) and wealth management products in the market; this regulatory optimization provides clearer institutional guidance for the industry. HashKey Exchange will actively align with policy directions and continuously expand service capabilities to offer clients a richer, safer, and compliant range of digital asset products.

Furthermore, the new policy guidelines will allow licensed platforms to provide custody services for other institutions, even if the related assets are not traded on the platform. There is also consideration to expand the scope of licenses to include virtual asset consulting and management services, aiming to build a more comprehensive regulatory system. HashKey Exchange has accumulated rich practical experience in compliance custody and risk control; in the future, as consulting and asset management licenses are opened, we expect to further extend our service boundaries based on the existing foundation, creating a service system that covers the entire process of trading, custody, and investment consulting management, helping Hong Kong solidify its leading position as a global digital asset center.

The SFC has been actively involved in formulating global regulatory standards, striving to promote consistency across markets, which aligns with HashKey Exchange's long-term commitment to a "compliance-first" philosophy. In the future, we will continue to root our efforts in compliance, focus on innovation, closely collaborate with regulatory bodies, and work with industry partners to build a more robust, secure, and open digital asset ecosystem, helping Hong Kong reinforce its position as a global digital asset hub.

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