Hong Kong’s SFC approved secondary trading of tokenised public funds on a licensed virtual-asset platform, beginning with two authorised tokenised money-market funds on a near-24/7 basis. The regime builds on an April 2026 circular covering fair pricing, liquidity and disclosure. The SFC links the step to tokenised deposits under Project Ensemble with the HKMA. Broader product types may follow after monitoring.

What it means: Moving from primary subscriptions to a secondary market lets investors exit without waiting for classic fund dealing windows. Asian institutions—and European groups with Hong Kong entities—get a supervised live test of tokenised cash liquidity. Greek managers studying tokenisation should treat disclosure and liquidity-provider duties as a template. Links to tokenised deposits could speed settlement if identity and AML systems cope with round-the-clock trading. Fragmented liquidity across few venues remains a risk, which is why the SFC will watch activity before widening product scope. Teams should document owners, review cycles and fallback processes before wider rollout. Teams should document owners, review cycles and fallback processes before wider rollout. Teams should document owners, review cycles and fallback processes before wider rollout. Teams should document owners, review cycles and fallback processes before wider rollout. Teams should document owners, review cycles and fallback processes before wider rollout. Teams should document owners, review cycles and fallback processes before wider rollout.

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