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Key Points:
• Hong Kong’s top financial regulator now allows crypto exchanges to share global order books.
• The SFC’s move strengthens liquidity and price discovery in the region.
• Local exchanges must get written approval before linking to global platforms.
• The new policy positions Hong Kong as a major crypto trading hub.
Hong Kong’s top financial regulator has taken a major step toward global crypto integration.
The Securities and Futures Commission, or SFC, now permits licensed crypto exchanges in Hong Kong to share global liquidity through connected order books.
This move shifts the region from a local-only model to one that opens trading to international markets. Investors in Hong Kong will benefit from deeper liquidity and more competitive prices, a goal long pursued by the SFC.
From my standpoint, this change reflects a strategic effort to cement Hong Kong’s place as a regional crypto hub. It demonstrates both regulatory flexibility and a growing confidence in digital assets.
A new chapter for Hong Kong’s crypto liquidity
The SFC released two new circulars outlining the framework. These documents explain how crypto exchanges licensed in Hong Kong can link to overseas platforms. The plan enables shared order books, letting local traders tap into global demand without leaving the city’s regulatory umbrella.
SFC Chief Executive Officer Julia Leung said in her Fintech Week speech that this integration would allow investors to access global market liquidity efficiently. She emphasized that better price discovery and improved market depth are the main benefits.
Still, any local platform that wants to share order books must obtain written approval from the SFC before connecting. This rule ensures that oversight remains strong, even as access expands.
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Regulation meets innovation
The Hong Kong Monetary Authority also played a role in the policy update. A separate circular exempted certain licensed tokens and stablecoins from the previous 12-month trading history requirement. This exemption allows professional investors to access more digital assets under regulated conditions.
The SFC noted that the new approach will balance growth with stability. Leung mentioned that overly strict requirements could push liquidity and talent to more lenient regions, while too little oversight might hurt trust. This balance between regulation and innovation has been at the center of Hong Kong’s crypto policy.
The move comes as Hong Kong seeks to compete with global centers like Singapore, Dubai, and New York in the digital asset space. By relaxing certain restrictions, the SFC is signaling that Hong Kong wants to attract global players while maintaining strong compliance standards.
Building a trusted crypto ecosystem
In recent months, Hong Kong has introduced a full licensing framework for both crypto exchanges and stablecoin issuers. These initiatives show that the city is not only adapting to global trends but shaping its own standards.
The SFC said Leung’s focus is on building a trusted, globally competitive, and sustainable crypto ecosystem. She aims to create an environment that encourages innovation without compromising investor protection.
Market observers view the latest policy as a strong signal of confidence. Hong Kong’s financial leadership understands that global liquidity is vital for a modern crypto economy. By allowing shared order books, the SFC is giving local exchanges the tools to compete globally, while maintaining a clear regulatory framework.
Hong Kong’s crypto future
As the global crypto market evolves, regulation is becoming a competitive advantage. Jurisdictions that provide clarity attract both investors and developers. Hong Kong’s decision to enable global liquidity links shows that the SFC recognizes this trend.
The integration of local and international liquidity will likely attract more institutional participants. It could also reduce the price gaps between Hong Kong and global markets, making trading more efficient.
By reinforcing trust through clear oversight, Hong Kong’s top financial regulator positions the city as one of the most forward-thinking crypto hubs in Asia. The move blends transparency, regulation, and opportunity — all key factors for the industry’s long-term success.
