In the context of Hong Kong actively embracing Web3 and striving to build a global digital asset center, the Hong Kong Securities and Futures Commission (SFC) has once again launched important policies. On November 3, 2025, the SFC issued a circular titled "On the Sharing of Liquidity by Virtual Asset Trading Platforms," allowing licensed virtual asset trading platform operators to integrate their order books with qualified overseas platform operators to share liquidity, enabling cross-platform matching and trade execution. This initiative will not only greatly enhance the liquidity and efficiency of Hong Kong's virtual asset market but also signifies that the interconnectedness of Web3 finance globally will accelerate. At the same time, the Hong Kong Monetary Authority and the People's Bank of China are also making efforts to jointly promote new digital financial infrastructure, laying the foundation for Hong Kong to become a robust, resilient, and forward-looking international fintech hub.
- SFC Circular: Sharing of Virtual Asset Liquidity and Expansion of Products and Services
The two circulars issued by the SFC aim to comprehensively enhance the vitality and competitiveness of Hong Kong's virtual asset market.
Liquidity Sharing: The circular "On the Sharing of Liquidity by Virtual Asset Trading Platforms" allows licensed virtual asset trading platform operators to integrate their order books with qualified overseas platform operators to share liquidity, enabling cross-platform matching and trade execution.
Risk Control: Platforms must adopt DVP (Delivery Versus Payment), intraday settlement, and monitoring of unsettled transaction limits, and establish a reserve fund and insurance/compensation arrangements in Hong Kong that are not less than the limit scale to cover settlement asset risks.
Market Surveillance: Market surveillance must be uniformly implemented and can provide transaction and customer data to the SFC in real-time.
Retail Investor Protection: Sufficient risk disclosure must be provided to retail investors before participation, and customer selection must be obtained, along with a written approval application, including additional terms and conditions.
Expansion of Products and Services: The circular "On the Expansion of Products and Services of Virtual Asset Trading Platforms" aims to expand the products and services of licensed virtual asset trading platforms:
Modification of Token Inclusion Regulations: Virtual assets (including stablecoins) offered to professional investors are no longer required to have a 12-month track record; licensed stablecoins can be sold to retail investors and are exempt from this requirement.
Distribution of Digital Asset-Related Products: It is clarified that platforms can distribute digital asset-related products and tokenized securities, and can open trust/customer accounts for clients with custodians.
Custody by Related Entities: Custody of digital assets not traded on the platform through related entities is allowed, subject to existing guidelines and risk control; custody of tokenized securities may be exempted from the second-stage assessment on a case-by-case basis.
- HKMA's "Fintech 2030" Vision: Promoting a Tokenized Ecosystem
At the opening of Fintech Week, HKMA President Eddie Yue elaborated on the "Fintech 2030" vision, aiming to develop Hong Kong into a robust, resilient, and forward-looking international fintech hub, focusing on four key areas covering over 40 specific projects.
Promoting Financial Tokenization: The HKMA will promote financial tokenization and foster a thriving tokenized ecosystem.
Tokenized Government Bonds: The HKMA will take the lead in demonstrating asset tokenization, such as regularizing the issuance of tokenized government bonds, while exploring the feasibility of tokenizing foreign exchange fund notes and bonds.
Ensemble Project Pilot: The HKMA is about to launch the Ensemble project pilot plan to support real transactions and continue collaborating with industry stakeholders and other central banks to cultivate innovative tokenization use cases.
- People's Bank of China: Deepening Cross-Border Payment Cooperation, Exploring New Solutions for Digital Renminbi
Lu Lei, Deputy Governor of the People's Bank of China, stated that the PBOC attaches great importance to cross-border payment cooperation with Hong Kong, exploring the use of various financial technology innovations to actively promote cross-border payment connectivity and facilitate the integrated development of the economies of both regions.
Expansion of CIPS in Hong Kong: The cross-border payment system (CIPS) for Renminbi continues to expand its operations in Hong Kong. In recent years, the system has gradually added bond connect northbound and southbound capital settlement functions and launched Hong Kong dollar payment clearing services. As of the end of September, there are 11 direct participants and 120 indirect participants in Hong Kong, providing safe and efficient cross-border clearing and settlement services for international trade financing, etc.
Interconnection of Fast Payment Systems: Actively promoting the interconnection cooperation of fast payment systems between the two regions, the cross-border payment link successfully went live in June this year, providing online fast bilateral local currency and bilateral Renminbi remittance services for residents of both regions.
Interconnection of Cross-Border QR Code Payments: Deepening the interconnection of cross-border QR code payments, the PBOC recently organized the establishment of a unified gateway for cross-border QR codes, serving as a unified interface for conducting cross-border QR code payment cooperation.
Exploring New Solutions for Cross-Border Payments with Digital Renminbi: In the future, the digital Renminbi will be used to explore new solutions for cross-border payments, including promoting multilateral central bank digital currency bridge cooperation and exploring new paradigms for cross-border payments; relying on the digital Renminbi cross-border payment platform to provide Chinese solutions for central bank digital currency cross-border payment cooperation; and building a dual platform of blockchain and digital assets to activate a new engine for the value internet.
Conclusion:
The SFC's allowance for licensed virtual asset trading platforms to share order books with overseas platforms and establish compensation mechanisms is a key step for Hong Kong in the Web3 finance sector. This will not only greatly enhance the liquidity and efficiency of Hong Kong's virtual asset market but also signifies that the interconnectedness of Web3 finance globally will accelerate. At the same time, the HKMA and the People's Bank of China are also making efforts to jointly promote new digital financial infrastructure, laying the foundation for Hong Kong to become a robust, resilient, and forward-looking international fintech hub. Hong Kong is leading Web3 finance into a new era of global liquidity explosion through its open policies, sound regulatory framework, and active international cooperation.
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