Core Breakthrough: From “Issuance” to “Trading”

On April 20, 2026, the Hong Kong Securities and Futures Commission released a new regulatory framework, allowing tokenized securities and futures commission–approved investment products to be traded in the secondary market on licensed virtual asset trading platforms. This marks a new stage in the development of Hong Kong’s digital asset ecosystem, shifting from “tokenized issuance” to “tokenized trading.” The new guidance clearly allows SFC-approved open-ended funds to conduct secondary trades on licensed platforms, so retail investors can also participate in regulated trading services. This move enables traditional securities products to be traded around the clock—day and night, including overnight and weekend trading—after tokenization, and promotes liquidity through regulated stablecoins and tokenized deposits. The first batch of products is expected to mainly consist of tokenized money market funds, and the SFC will review operational performance and consider expanding the scope in due course.

Seizing the Momentum: The Market Is Already Ready

The rollout of the new framework is not accidental. As of March 2026, Hong Kong has 13 tokenized products offered to the public, with total assets under management reaching HKD 10.7 billion, up about 7 times year over year. Data from the Hong Kong Financial Development Council shows that the market value of tokenized funds surged from about USD 2 billion in 2024 to more than USD 8 billion in 2025. At the same time, stablecoin regulation has been steadily implemented: the first batch of licenses has been officially issued. Institutions including HSBC and Standard Chartered plan to launch HKD stablecoins. The HKMA’s “Ensemble” project has also made significant progress in tokenized deposits and digital asset transaction settlement. Against this backdrop, promoting around-the-clock secondary-market buy-and-sell is timely.

Market Impact and Outlook

After the new rules were released, responses from the industry were positive. OSL Group said the new rules will enrich stablecoin market use cases and the application ecosystem in payments and trading. New Fire Group’s CEO Weng Xiaoqi believes that Hong Kong’s pragmatic development path starting with tokenized money market funds will help further consolidate its position as a hub for traditional finance and digital assets. For investors, liquidity of tokenized products will be greatly enhanced and trading efficiency will be significantly optimized. At the same time, attention must also be paid to volatility risks brought by 24-hour trading, as well as differences in specific terms among products. SFC CEO Julia Leung said the new framework marks another important milestone for Hong Kong’s digital asset ecosystem.

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