Crypto News Press Release

Hong Kong to Let Licensed Crypto Platforms Link to Global Order Books, Boosting Market Liquidity and Integration

• ByStartupStory     |    November 3, 2025

Hong Kong’s Securities and Futures Commission (SFC) announced a landmark regulatory shift permitting licensed virtual asset trading platforms (VATPs) to connect their local trading systems with global order books from their overseas affiliates. This decisive move, unveiled by SFC CEO Julia Leung during Hong Kong FinTech Week 2025, ends the city’s prior closed-loop model confining crypto trading to local liquidity pools.

Under the new framework, licensed crypto exchanges in Hong Kong can integrate orders with properly regulated international platforms, unlocking deeper global liquidity, improved price discovery, and enhancing competitiveness as a digital asset hub in Asia. This “shared order book” model aligns crypto trading closer to traditional foreign exchange markets, replicating globally coherent liquidity mechanisms.

To ensure investor protection, SFC requires cross-border transactions to be prefunded, settled via delivery-versus-payment, and maintained with local compensation reserves. Joint surveillance with overseas regulators will combat potential market manipulation.

Alongside broader market integration, the SFC also relaxed requirements for token listings, now allowing professionally approved stablecoins and tokenized securities to trade without the previous 12-month track record. The Hong Kong Monetary Authority plans to issue the first stablecoin licenses next year, complementing these regulatory advances.

This policy overhaul is a critical step in Hong Kong’s ASPIRe roadmap aiming to solidify its status as a premier global crypto and fintech center. It also paves the way for prominent international players like Binance and Coinbase to enter the market more easily via broker licenses, reducing licensing hurdles compared to full exchange approvals.

Despite Hong Kong’s historically cautious approach constraining crypto volumes compared to rivals such as Singapore and the U.S., these changes signal a commitment to balancing innovation and investor safeguards, fostering market growth, and improving global connectivity.

In summary, Hong Kong’s authorization for licensed crypto platforms to tap global order books marks a transformative evolution in the city’s digital asset ecosystem. This milestone enhances liquidity, competitiveness, and regulatory harmonization, positioning Hong Kong to reclaim its role as a leading Asian crypto hub.

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