The Hong Kong Securities and Futures Commission issued two circulars setting expected standards for SFC-licensed virtual asset trading platform operators to tap global liquidity and broaden their product and service offerings, implementing elements of its ASPIRe roadmap.

Under the shared liquidity framework, platform operators may combine their orders with those of affiliated overseas virtual asset trading platforms in a shared order book, enabling cross-platform order matching and execution subject to safeguards to address additional risks. Separately, the SFC allowed platform operators to offer trading in virtual assets without a 12-month track record for professional investors and to offer Hong Kong Monetary Authority-licensed stablecoins, as well as to distribute tokenised securities and digital asset-related investment products. Associated entities of platform operators may also provide custody for virtual assets or tokenised securities not traded on their platforms.

As a next step, the SFC will explore whether to allow licensed brokers to route client orders to regulated overseas liquidity pools within the same group before considering a broader expansion.

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