Overview
- Licensed virtual‑asset trading platforms can now match Hong Kong client orders against overseas affiliates’ order books under a shared‑order‑book framework.
- Required safeguards include prefunding with automated verification, delivery‑versus‑payment, daily settlement with the affiliate, reserve funds held in Hong Kong, and joint market surveillance.
- The SFC removed the 12‑month trading‑history requirement for new tokens and HKMA‑approved stablecoins when offered to professional investors.
- The regulator is considering a next phase that could let locally licensed crypto brokers access global liquidity pools, a move reporters say may draw firms such as Binance and Coinbase.
- The HKMA is preparing to issue the first stablecoin licences next year, and the SFC lists 11 fully licensed exchanges and 49 brokers currently operating under its regime.