Hong Kong Securities Supervision Commission: Will allow licensed virtual asset trading platforms to connect to overseas liquidity through overseas affiliated platforms

On November 3, Leung Fung-yee, Chief Executive Officer of the Hong Kong Securities Supervision Commission, said at Hong Kong Technology Week 2025 that the new guidelines of the Hong Kong Securities Supervision Commission will allow licensed virtual asset trading platforms to connect to overseas liquidity through overseas affiliated platforms, while providing a number of safeguards to reduce settlement and integrity risks. For example, requiring overseas virtual asset trading platforms to implement dual cash and advance payment arrangements, establish a reserve fund in Hong Kong for compensation purposes, and implement a joint monitoring scheme to achieve an appropriate balance between convenience and protection. She stressed that Hong Kong's regulatory system is known for its visibility and transparency, providing clarity, certainty and consistency to the market, thereby enhancing the confidence of market participants and supporting the sustainable development of the market. The Securities Supervision Commission took the lead in adopting the principle of "same business, same risk, same rules", actively participated in the international Securities Commission organization to formulate the regulatory principles of the central digital asset platform, and promoted the adoption of similar standards in regulatory frameworks including the Markets in Crypto-Assets Regulation. These harmonizations help to strengthen the connection and interoperability between markets.