Hong Kong Crypto Regulation 2025 to Allow Global Order Books for Licensed Platforms

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 licensing dealers, custodians, and the first stablecoin issuers in 2026. Regulators said the goal is to enhance investor access while maintaining strict safeguards.