Alisa Davidson
Revealed: April 20, 2026 at 8:11 am Up to date: April 20, 2026 at 8:11 am
Edited and fact-checked:
April 20, 2026 at 8:11 am
In Temporary
Hong Kong’s SFC launches a pilot framework for secondary buying and selling of tokenised funding merchandise on licensed platforms, increasing retail entry, enabling 24/7 buying and selling fashions, and integrating blockchain settlement into regulated markets.
Regulatory physique liable for overseeing Hong Kong’s securities and futures markets, Securities and Futures Fee (SFC), launched a brand new regulatory framework designed to pilot secondary market buying and selling of tokenised funding merchandise authorised by the SFC, as a part of broader efforts to assist the event of Hong Kong’s digital asset ecosystem and improve buying and selling exercise over time.
In keeping with the regulatory round, the framework is primarily supposed to allow secondary buying and selling of tokenised SFC-authorised open-ended funds on SFC-licensed digital asset buying and selling platforms VATPs. The initiative can also be aimed toward widening entry to regulated buying and selling infrastructure for retail traders, whereas permitting, on a discretionary foundation, the potential for over-the-counter secondary buying and selling preparations topic to particular person evaluation.
Because the introduction of the SFC’s preliminary tokenisation regulatory strategy in late 2023, market individuals have more and more explored the issuance and distribution of tokenised monetary merchandise in Hong Kong, creating new market exercise and product buildings. As of March 2026, there have been 13 tokenised merchandise obtainable to the general public within the jurisdiction, with belongings beneath administration in tokenised share lessons rising roughly sevenfold to 10.7 billion US {dollars} over the previous 12 months.
In response to this progress, the regulator has indicated that the timing is acceptable to introduce a pilot framework for steady secondary buying and selling, together with potential 24-hour buying and selling fashions. The framework is meant to additional combine tokenised monetary devices into the broader Web3 ecosystem, with potential use circumstances involving regulated stablecoins and tokenised deposits to assist steady settlement and liquidity.
As a way to deal with structural issues related to liquidity and investor safety, notably in relation to buying and selling outdoors standard market hours, the framework incorporates measures knowledgeable by practices in exchange-traded fund markets and licensed digital asset buying and selling infrastructure. These measures are supposed to assist truthful pricing mechanisms, orderly market situations, liquidity provisioning requirements, and enhanced disclosure necessities.
Advancing Market Integration And Phased Implementation Of Tokenised Merchandise
In keeping with the SFC, the initiative represents a step towards the event of a extra built-in digital asset market construction in Hong Kong, combining conventional monetary merchandise with blockchain-based settlement and buying and selling capabilities. The framework can also be positioned as a response to growing demand for steady market entry in a buying and selling setting characterised by quick data movement and heightened volatility.
The preliminary part of the pilot is anticipated to concentrate on tokenised cash market funds, with the potential for enlargement to extra product classes following an evaluation of operational efficiency and market situations.
Market individuals, together with product issuers and SFC-licensed digital asset buying and selling platforms, are inspired to have interaction with the regulator prematurely of implementing actions beneath the brand new framework or to offer related notifications as required.
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About The Creator
Alisa, a devoted journalist on the MPost, makes a speciality of crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
Extra articles
Alisa, a devoted journalist on the MPost, makes a speciality of crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
Extra articles
