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Hong Kong Opens Global Crypto Liquidity Access for Licensed Exchanges
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Nov 04, 2025
Hong Kong’s Securities and Futures Commission (SFC) will allow licensed crypto exchanges to connect to global liquidity by sharing order books with affiliated overseas platforms, subject to prior written SFC approval.
The change is aimed at deeper liquidity and tighter spreads as the city pushes its digital asset strategy, which includes a recent approval of the world’s first Solana (SOL) spot exchange-traded fund (ETF).
Boosting Competitiveness
In circulars published Monday, the regulator said approved integrations would allow Hong Kong investors to access broader markets for better price discovery.
SFC Chief Executive Officer Julia Leung, in remarks released alongside the policy, said the goal is to boost competitiveness while maintaining safeguards.
The move departs from the current model that relies on prefunded accounts and domestic settlement, which can fragment liquidity. Under the new approach, SFC-licensed venues may route orders to or consolidate with global books once they meet supervisory conditions.
A second circular relaxes listing criteria for certain assets: tokens and stablecoins authorised or supervised by the Hong Kong Monetary Authority will be exempt from the usual 12-month trading-history requirement when offered to professional investors. The exemption is intended to widen available products without compromising oversight.
All in all, Hong Kong is refining its frameworks for exchange and stablecoin licensing amid competition from other jurisdictions. Leung couldn’t have summarised it better by stating that rules must strike a balance.
In other words, too strict and liquidity and talent moves elsewhere, too loose and trust erodes. But it seems things are a bit different when it comes to stablecoins; the People’s Bank of China (PBoC) recently requested Chinese tech firms Ant Group and JD.com to halt the issuance of stablecoins in Hong Kong.
Source >> Hong Kong Opens Global Crypto Liquidity Access for Licensed Exchanges
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