#香港证监会发布新监管框架 Hong Kong announces the world's first new regulatory framework, allowing virtual asset trading platforms to trade tokenized funds

On April 20th, the Hong Kong Securities and Futures Commission officially implemented a groundbreaking new regulation—the world's first regulatory framework for tokenized recognized investment products. It clarifies that tokenized SFC-approved funds can be traded on licensed virtual asset trading platforms in the secondary market, meaning that the tokenization of traditional financial assets now has a clear and practical regulatory pathway.
Many people still perceive tokenized products as only capable of subscription and redemption, but this new regulation completely breaks that barrier. Tokenized open-ended funds (primarily money market funds in the initial phase) can be freely bought and sold on compliant platforms, making it easier for retail investors to participate and facilitating smoother digital circulation of traditional assets.
More importantly, after the tokenization of traditional securities, trading is no longer limited to daytime stock market hours; buying and selling can occur at night and on weekends, truly enabling 24/7 round-the-clock asset allocation.
To protect investors' rights, the new regulation draws on the operational rules of exchange-traded funds and licensed virtual asset platforms, with detailed arrangements for fair pricing and information disclosure.
At the same time, the SFC will, on a case-by-case basis, permit some products to be traded in the over-the-counter secondary market, balancing the needs of different market participants.
In terms of market scale, Hong Kong’s tokenized product development is quite vigorous. As of March this year, 13 tokenized products have been offered to the public, with the total assets under management of related share classes growing to approximately HKD 10.7 billion within a year, laying a solid foundation for the implementation of the new regulation.
Next, the SFC will continue to monitor the operation of the initial products and gradually consider expanding the product scope. Hong Kong SFC CEO Julia Leung stated that this framework is an important milestone in building Hong Kong’s digital asset ecosystem. On one hand, it connects traditional finance with digital assets, making compliant tokenized product trading more standardized; on the other hand, by providing liquidity through regulated stablecoins and tokenized deposits, it can further enhance market efficiency.
For Hong Kong, this is not only a regulatory breakthrough but also a crucial step in consolidating its status as an international financial center and attracting global digital asset resources. Moving forward, we can expect more compliant tokenized products to be launched, allowing ordinary investors to participate conveniently in trading these innovative assets.