Hong Kong sets a pilot path for secondary trading of tokenised funds

Hong Kong’s Securities and Futures Commission announced on 20 April a framework to pilot secondary trading of tokenised SFC-authorised investment products. It is designed primarily for open-ended funds trading on SFC-licensed virtual-asset platforms, with possible over-the-counter arrangements considered case by case. The framework sets expectations for fair pricing, orderly trading, liquidity, disclosure, client onboarding and notification.

The SFC said the framework could support 24-hour trading and use regulated stablecoins or tokenised deposits for settlement. The first products are expected to focus on tokenised money-market funds. As of March 2026, the regulator counted 13 tokenised products offered to the public and $10.7 billion in assets under management for tokenised classes. The April rules create a supervised route; they do not mean all tokenised securities can trade continuously or that every product has begun secondary trading.