Hong Kong’s Securities and Futures Commission (SFC) plans to let licensed crypto exchanges connect to global order books to revive the city’s subdued digital asset market. The new framework, unveiled by SFC Chief Julia Leung at Hong Kong FinTech Week 2025, introduces a “Shared Order Book” model.
Currently, exchanges operate within closed systems under a “pre-funded and instantly settled” setup. The update will allow local platforms to match trades with overseas affiliates that are properly licensed and meet global compliance standards.
Leung said the move will enhance liquidity, price discovery, and competitiveness. To reduce cross-border risks, platforms must use automated pre-trade verification, follow delivery-versus-payment settlement, and maintain a daily-settled reserve fund in Hong Kong to protect clients. Joint market surveillance and risk disclosures are also mandatory.
Retail investors can join only after receiving clear warnings and giving explicit consent. Leung added that the SFC may later allow licensed brokers to access global liquidity pools—potentially easing entry for players like Binance.
While Hong Kong aims to position itself as Asia’s leading crypto hub, activity still trails markets such as India and Japan. In a separate circular, the SFC also removed the 12-month trading history rule for new tokens and approved stablecoins.
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