Hong Kong’s regulatory landscape for digital assets is taking a bold leap forward. The Securities and Futures Commission (SFC) has announced that licensed crypto exchanges in Hong Kong will now be permitted to link their local order books with global counterparts, an unprecedented move aimed at unlocking global liquidity. According to crypto media, this shift marks a major departure from the previous “ring-fenced” model, which restricted trading to Hong Kong-based orders only.
SFC CEO outlines new framework at Fintech Week
The announcement came from SFC CEO Julia Leung during the opening of Hong Kong Fintech Week on November 3, 2025. According to Bloomberg, Leung explained that the regulator would relax the local matching-only rule once investor-protection and operational readiness standards are met.
Under the new framework, licensed crypto platforms may integrate with intra-group overseas trading platforms and access global liquidity pools, while still remaining under SFC oversight. This move is intended to bring Hong Kong’s digital asset market into compliance with global norms, providing investors with greater liquidity, tighter spreads, and more effective price discovery, according to Coinfomania and OneSafe.
Hong Kong aims to become a global digital-asset hub
The old model—where local order books were kept separate from international markets—had been viewed as a barrier to attracting global trading flows. According to The Business Times, this update demonstrates Hong Kong’s ambition to position itself as a leading global digital-asset hub.
This policy change is part of a bigger regulatory overhaul. In recent years, Hong Kong has authorized Bitcoin and Ether exchange-traded products, created frameworks for custodians, dealers, and stablecoin issuers, and introduced licensing regimes for virtual asset trading platforms. The Hong Kong Monetary Authority (HKMA) is also expected to issue stablecoin licenses in 2026, according to The Business Times and OneSafe.
Global liquidity access for crypto brokers
Looking ahead, Leung noted that the SFC may eventually allow licensed crypto brokers—not just exchanges—to connect with global liquidity sources.
This development presents new prospects for multinational corporations. According to Coinfomania, broker licenses would allow big exchanges or brokers to more effectively enter Hong Kong’s market while still utilizing global financial flows. In the meantime, better price discovery, increased product access, and increased liquidity may be advantageous to institutional investors.
Contrast with mainland China’s restrictions
Ultimately, Hong Kong’s approach contrasts with mainland China’s crypto restrictions. Instead of prohibition, the city is embracing a model of “calibrated openness,” which balances innovation with investor protection. As Leung emphasized, Hong Kong remains “on the tougher side” of compliance—but that’s intentional, designed to foster long-term trust and stability.
