Hong Kong’s Securities and Futures Commission (SFC) announced a landmark change during Hong Kong Fintech Week, allowing locally licensed crypto exchanges to link with global liquidity pools through shared order books, a move that marks a major departure from the city’s previously isolated trading framework.
Under the new policy, SFC-licensed exchanges can now share a global order book with their overseas platforms, pending written regulatory approval. This will give Hong Kong investors access to deeper market liquidity and more competitive pricing, aligning the city’s digital asset structure with global financial norms.
In a parallel move, the SFC will relax listing rules for digital assets. Locally licensed exchanges will be permitted to list new tokens and stablecoins approved by the Hong Kong Monetary Authority (HKMA) for professional investors, even if those assets lack a 12-month trading history.
The regulator also plans to explore enabling crypto brokers to tap into global liquidity in a later phase, although no date has been confirmed. Analysts suggest this shift could pave the way for major exchanges like Binance and Coinbase to enter Hong Kong under a broker model rather than securing a full exchange license.
The announcement is part of Hong Kong’s broader digital finance strategy, designed to reintegrate the city into the global crypto landscape after years of cautious regulation. The HKMA is expected to issue the first stablecoin issuer licenses in 2026, signaling a coordinated push to modernize Hong Kong’s position as Asia’s premier digital asset hub.