Hong Kong SFC unlocks global order book access for licensed crypto exchanges

Hong Kong’s crypto market is poised for deeper liquidity now that the Securities and Futures Commission (SFC) has allowed licensed exchanges to link and share global order books with international platforms, while also relaxing listing rules for stablecoins, a move aimed at enhancing competitiveness and market depth.

On November 3, 2025, the SFC issued new guidance permitting regulated digital asset exchanges in Hong Kong to connect with and mirror global order books from their overseas affiliates, according to The Block. The circular outlines expectations for cross-border trade matching while ensuring that trade execution standards and investor protections remain under the SFC’s oversight.

Additionally, the regulator eased several requirements for stablecoin listings, including waiving the previous 12-month trading history requirement for stablecoins licensed by the Hong Kong Monetary Authority. These adjustments are intended to accelerate token approvals and expand the variety of compliant stablecoins available in the market. Together, the measures should enhance price discovery and narrow spreads across trading pairs.

Institutional traders and professional market participants are expected to benefit first, enjoying improved execution and liquidity. Market-making firms will be able to route orders across connected platforms, tightening spreads, while retail users will still operate within existing licensed-exchange and professional-investor frameworks.

To operate under the updated rules, exchanges must ensure aligned trade-matching systems, improved custody infrastructure, regular reserve attestations, and transparent auditing processes. Firms will also need to strengthen compliance systems and risk-management procedures before activating shared order books across jurisdictions.

Overall, these regulatory changes aim to position Hong Kong as a more competitive digital-asset hub by consolidating liquidity and broadening available products. However, the ultimate impact will depend on effective implementation and the speed at which regulatory approvals are granted within the digital-asset licensing process.