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[Hong Kong SFC Allows Virtual Asset Trading Platforms to Share Liquidity and Establish Compensation Mechanisms] The Hong Kong Securities and Futures Commission (SFC) has issued a circular titled 'Circular on Sharing of Liquidity among Virtual Asset Trading Platforms,' approving licensed virtual asset trading platforms to integrate order books with eligible overseas platforms to share liquidity, thereby enabling cross-platform trade matching and execution. Relevant platforms are required to adopt Delivery Versus Payment (DVP) mechanisms, intraday settlement, and monitoring of unsettled transaction limits. Additionally, they must establish reserve funds and insurance or compensation arrangements in Hong Kong that align with the scale of the limits to cover settlement asset risks. Furthermore, market surveillance must be implemented uniformly, ensuring that trading and customer data can be immediately provided to the SFC. Before serving retail clients, platforms must conduct adequate risk disclosures, obtain client consent, and submit a written approval application with relevant terms and conditions attached.