Hong Kong SFC approves secondary trading of tokenised public funds
26 October 2026 Hong Kong
Image: Iakov_Kalinin/stock.adobe.com
The Hong Kong Securities and Futures Commission (SFC) has approved secondary trading of tokenised public funds on an SFC-licensed virtual asset trading platform (VATP).
Round-the-clock secondary trading of two existing tokenised SFC-authorised money market funds (MMFs) began on 26 October 2026.
The approval follows the SFC’s April 2026 regulatory regime to pilot the secondary trading framework for licensed VATPs, which established the necessary requirements and safeguards, spanning trading channel operation, fair pricing, liquidity provision, and disclosure.
The SFC says tokenised public funds could further leverage the tokenised deposit capabilities developed through Project Ensemble, its collaboration with the Hong Kong Monetary Authority (HKMA) to develop Hong Kong’s tokenisation market.
Speaking on the launch, Elisa Ng, executive director of investment products at the SFC, says: “Secondary trading of tokenised money market funds marks an important milestone in the SFC’s ongoing effort in advancing Hong Kong’s digital asset development.
“It puts the SFC’s regulatory framework through its paces and adds an important building block — 24/7 trading capability — to Hong Kong’s evolving tokenisation ecosystem.”
The SFC will monitor relevant trading activities and consider broadening the scope of eligible funds over time beyond MMFs, taking into account market developments and any experience gained.
Round-the-clock secondary trading of two existing tokenised SFC-authorised money market funds (MMFs) began on 26 October 2026.
The approval follows the SFC’s April 2026 regulatory regime to pilot the secondary trading framework for licensed VATPs, which established the necessary requirements and safeguards, spanning trading channel operation, fair pricing, liquidity provision, and disclosure.
The SFC says tokenised public funds could further leverage the tokenised deposit capabilities developed through Project Ensemble, its collaboration with the Hong Kong Monetary Authority (HKMA) to develop Hong Kong’s tokenisation market.
Speaking on the launch, Elisa Ng, executive director of investment products at the SFC, says: “Secondary trading of tokenised money market funds marks an important milestone in the SFC’s ongoing effort in advancing Hong Kong’s digital asset development.
“It puts the SFC’s regulatory framework through its paces and adds an important building block — 24/7 trading capability — to Hong Kong’s evolving tokenisation ecosystem.”
The SFC will monitor relevant trading activities and consider broadening the scope of eligible funds over time beyond MMFs, taking into account market developments and any experience gained.
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