Hong Kong crypto regulation 2025 will relax restrictions by permitting SFC-licensed crypto exchanges to connect local clients with global order books, replacing the ring-fenced trading model. The move aligns digital-asset rules with conventional securities and forms part of a three-year initiative that has introduced Bitcoin and Ether ETPs and a licensing framework for exchanges and funds. Although volumes remain below US levels, the SFC and HKMA plan to deepen liquidity by l