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SFC Issues New Guidelines to Facilitate Licensed Virtual Asset Trading Platforms
Recommend 34 Positive 63 Negative 15 |
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The Hong Kong Securities and Futures Commission (SFC) today (3rd) issued two new circulars for SFC-licensed virtual asset trading platform operators to take a significant step in tapping global liquidity and broadening the range of their product and service offerings. As set out in one of the circulars, the SFC allows platform operators to combine their orders with those of affiliated overseas virtual asset trading platforms in a shared order book, therefore making its first step under Pillar A (Access) of the ASPIRe roadmap to attract global platforms, order flows and liquidity providers. With seamless cross-platform order matching and execution, Hong Kong investors stand to benefit from enhanced market liquidity and more competitive pricing, underpinned by robust safeguards to mitigate additional risks. As the next step, the SFC will explore the feasibility of allowing licensed brokers to direct client orders to regulated overseas liquidity pools within the same group before considering whether to expand the arrangement further. In another circular, the SFC allows platform operators to offer trading in virtual assets without a 12-month track record for professional investors and for Hong Kong Monetary Authority-licensed stablecoins, as well as distribute tokenized securities and digital asset-related investment products, thereby advancing Pillar P (Products) of the roadmap on expanding product offerings and services. In addition, platform operators' associated entities may provide custody services for virtual assets or tokenized securities not traded on their platforms. AAStocks Financial News |
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