Hong Kong is accelerating its push to become a leading global hub for digital assets, with new regulatory changes designed to enhance liquidity and expand product offerings for virtual asset trading platforms.
The Securities and Futures Commission (SFC) this week issued two new circulars that relax several key restrictions for licensed virtual asset trading platform operators. The first allows them to integrate local trading orders with those from affiliated overseas exchanges through a shared order book. This move is aimed at deepening liquidity and aligning Hong Kong more closely with global markets.
The second circular broadens access and product availability by removing the previous requirement for a 12-month track record when offering digital assets to professional investors. It also permits trading in stablecoins licensed by the Hong Kong Monetary Authority and supports the distribution of tokenized securities and digital asset-related investment products. Additionally, associated entities may now provide custody services for assets not traded directly on the platform.
These measures are part of the SFC’s ongoing ASPIRe roadmap (short for Access, Safeguards, Products, Infrastructure, and Relationships), introduced earlier this year to develop a sustainable and competitive digital asset ecosystem.
“Making steady strides in market liquidity and business offerings is crucial to sustaining the growth momentum of Hong Kong’s digital asset ecosystem,” said Julia Leung, CEO of the SFC. “Today, we take a significant step to connect with global liquidity, underscoring our commitment to striking a right balance in fostering market innovation and vitality while upholding high standards for investor protection and market integrity.”
For crypto trading and payment providers, the regulatory shift signals a more open environment for innovation and cross-border collaboration. Platforms can now scale operations and offer a wider range of products under a clearer, more flexible framework, creating opportunities for tokenized assets, compliant stablecoin adoption, and integrated payment solutions.
By easing market entry and enhancing liquidity pathways, Hong Kong is positioning itself as a strategic gateway for crypto and Web3 businesses seeking regulated growth in Asia. The new framework could serve as a model for balancing investor protection with market dynamism — an equilibrium global regulators are still striving to achieve.
As part of further experiments with blockchain infrastructure, Hong Kong’s Ensemble CBDC blockchain network has performed a cross-border test to connect with Brazil’s Drex network in a blockchain trade pilot showcasing the future of automated, programmable trade finance.
Overall, the Hong Kong Monetary Authority (HKMA) is currently following its new strategy, charting the next frontier of financial innovation, moving the city’s Fintech 2030 agenda beyond basic digital adoption toward a fully connected, intelligent, and quantum-ready financial ecosystem designed to secure Hong Kong’s global leadership in the coming decade.
