Hong Kong Allows Licensed Crypto Exchanges to Access Global Liquidity Networks

Highlights:

• The SFC has opened a new global liquidity path for licensed crypto exchanges to enhance trading access.
• Hong Kong has allowed licensed platforms to link with global order books and boost competitiveness in digital assets.
• The new LEAP framework expands tokenization and stablecoin licensing to strengthen Hong Kong’s fintech ecosystem.

Hong Kong’s Securities and Futures Commission (SFC) announced a major policy change on Monday at the Hong Kong Fintech Week. The new rule will allow licensed crypto exchanges in the city to connect their local platforms with global order books. This change ends the current system that limits trades within Hong Kong. The SFC said the move will help improve liquidity and price discovery for investors.

🚨JUST IN: Hong Kong to allow crypto exchanges to tap global capital pools pic.twitter.com/ZgnsAYHWjd

— CryptoCurrency News (@CryptoBoomNews) November 3, 2025

SFC Chief Executive Officer Julia Leung said during her speech that local investors will gain better access to global markets through this integration. She explained that the change will create fairer pricing and improve competitiveness in the digital asset market. The circular issued by the SFC also highlights the process through which exchanges should follow to get written consent before connecting with global platforms.

The move is a significant milestone for Hong Kong, which is aiming to include additional players in its crypto ecosystem. The SFC will help improve efficiency and decrease trading gaps that were there in the old model by allowing shared order books. The commission said the new framework will align the treatment of digital assets with traditional financial products, which already operate across multiple markets.

Hong Kong Allows Licensed Platforms to Compete Globally

The new rule shows Hong Kong’s growing determination to match other leading financial centers in digital asset development. Licensed exchanges can now participate in global liquidity pools, which should make trading smoother and more competitive. Julia Leung noted that the SFC wants to support innovation while ensuring strong investor protection. She said the commission will continue adjusting its policies as market confidence grows.

The SFC’s roadmap also includes upcoming licenses for stablecoin issuers, crypto brokers, and custodians. The Hong Kong Monetary Authority plans to issue its first stablecoin licenses next year. This effort complements the SFC’s plan to let brokers access international liquidity pools within the same corporate groups. The move could allow large global firms such as Binance and Coinbase to operate in Hong Kong through brokerage licenses instead of full exchange approvals.

According to Hong Kong Economic Journal, the HKMA plans to issue only a few stablecoin licenses in the first phase. As of the end of last month, 77 institutions had expressed interest. ICBC (Asia) has joined BOC Hong Kong in signaling intent to apply, while HSBC has also…

— Wu Blockchain (@WuBlockchain) September 8, 2025

There are 11 licensed crypto exchanges and 49 brokers currently operating in Hong Kong under omnibus account setups. These numbers are expected to grow as the city opens its market further. The SFC said the latest framework will simplify access for firms seeking to expand their operations in Asia.

New Digital Asset Policy Broadens Market Opportunities

The new digital asset policy of Hong Kong, known as the LEAP framework, is based on the long-term goal of the city to become a global fintech hub. The framework prioritizes legal clarity, ecosystem development, and real-world adoption. It places stablecoin regulation and tokenization at the center of the strategy.

The SFC also relaxed its rules to let licensed exchanges list certain tokens without a 12-month trading record. Exchanges can now offer Hong Kong Monetary Authority-approved stablecoins and tokenized securities. The government intends to tokenize metals, government bonds, and renewable energy projects. These initiatives seek to bridge traditional financial products to blockchain-based trading systems.