Core Insights - Hong Kong's Securities and Futures Commission (SFC) is set to introduce two significant guidelines aimed at enhancing the virtual asset trading landscape, focusing on connecting licensed platforms to global liquidity and fully opening virtual assets to professional investors [1][5] Group 1: Regulatory Changes - The new regulations will allow local licensed virtual asset trading platforms to share liquidity pools with overseas platforms, addressing previous limitations in global liquidity and trading variety [1][4] - The requirement for virtual assets to have a 12-month trading record before being listed will be waived, although specific compliance measures will still be in place for retail investors [4][6] Group 2: Market Impact - The integration of a global order book will enhance market liquidity, reduce price volatility, and improve trading experiences for investors, making Hong Kong a more attractive hub for international capital [2][3] - The new guidelines are expected to facilitate the issuance and circulation of new products like tokenized securities and stablecoins, thereby strengthening the market foundation for these assets [3][5] Group 3: Strategic Positioning - The SFC's approach aims to balance innovation with regulatory stability, positioning Hong Kong as a competitive player in the global digital asset market while ensuring investor protection and market integrity [6]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is set to introduce two key guidelines aimed at enhancing the virtual asset market by allowing licensed virtual asset trading platforms to connect with global liquidity and fully opening up virtual assets to professional investors [2][3]. Group 1: Global Liquidity Access - The SFC's current regulatory framework for virtual asset trading platforms operates on a closed-loop trading model, which limits market liquidity and scale [2]. - The new guidelines will permit regulated virtual asset trading platforms in Hong Kong to share a global order book with associated overseas platforms, enabling local investors to access international liquidity and attract foreign capital to the Hong Kong market [2][3]. Group 2: Virtual Asset Admission Rules - The SFC will eliminate the previous requirement for virtual assets to have a 12-month trading record before being listed on trading platforms, thereby broadening the range of virtual assets available to professional investors [3][4]. - However, specific compliance requirements must still be met for retail investors before virtual assets can be made available for public trading, ensuring their safety [4].