- The Securities and Futures Commission of Hong Kong (SFC) has just announced two new guidance documents allowing licensed exchanges in the special administrative region to connect with global liquidity sources by sharing order books with platforms abroad.
- Previously, crypto exchanges in Hong Kong operated in a closed model, only matching orders and settling payments domestically. The interconnection of order books marks a structural change, allowing buy and sell orders in Hong Kong to be matched directly with orders from international exchanges.
- According to the SFC, this helps local investors access global liquidity more effectively, with better price discovery and more competitive pricing. Domestic exchanges wishing to implement this model must still obtain prior written approval from the SFC to ensure compliance with cross-border capital management and supervision standards.
- At the same time, tokens and stablecoins licensed by the HKMA Hong Kong no longer need a 12-month trading history as previously required to qualify for offering to professional investors.
#allcoins
- Previously, crypto exchanges in Hong Kong operated in a closed model, only matching orders and settling payments domestically. The interconnection of order books marks a structural change, allowing buy and sell orders in Hong Kong to be matched directly with orders from international exchanges.
- According to the SFC, this helps local investors access global liquidity more effectively, with better price discovery and more competitive pricing. Domestic exchanges wishing to implement this model must still obtain prior written approval from the SFC to ensure compliance with cross-border capital management and supervision standards.
- At the same time, tokens and stablecoins licensed by the HKMA Hong Kong no longer need a 12-month trading history as previously required to qualify for offering to professional investors.
#allcoins