Hong Kong Accelerates Crypto & Tokenisation Strategy: From Pilot Programmes to Global Order Books
A New Chapter for Digital Assets in Hong Kong
Hong Kong is steadily transforming its financial services blueprint to embrace a programmable finance future, marrying traditional finance (TradFi) with blockchain-enabled innovations like tokenised real-world assets, digital money and globally linked crypto liquidity.
At the heart of this shift is the three-fold agenda:
Liquidity enhancement for virtual asset trading platforms (VATPs).
Tokenisation of real-world assets (RWAs) and digital money experimentation.
Regulatory evolution that balances innovation with investor protection.
These priorities came into sharper focus during FinTech Week 2025 (Nov 3–7), where regulators and industry leaders outlined the roadmap ahead.
Key Policy Moves: What’s Changing & What’s Not
What’s Changing
The Securities and Futures Commission (SFC) announced that Hong Kong-licensed VATPs will be allowed to share order books with overseas affiliates, removing the previous requirement that order books remain isolated within Hong Kong.
These VATPs may also distribute virtual assets and regulated stablecoins with less than a 12-month track record to professional investors, easing the prior “12-month track record” rule.
The Hong Kong Monetary Authority (HKMA) outlined its “Fintech 2030” roadmap under its DART framework (Data-AI-Resilience-Tokenisation), with a strong emphasis on tokenised securities, deposits and digital-money use cases.
What’s Still Under Review / What’s Not Approved Yet
Although the tokenisation pilot programme has been launched, some regulatory and data-governance frameworks are still pending, especially around tokenised real-world assets and broader retail access.
While Hong Kong passed its stablecoin licensing bill earlier in 2025, full roll-out of the related ecosystem (issuers, services, cross-border linking) remains in progress.
External regulatory pressure remains: For example, the China Securities Regulatory Commission (CSRC) recently advised some brokerages to pause offshore RWA tokenisation via Hong Kong, highlighting cross-border tension.
Why This Matters for Industry, Investors & Entrepreneurs
Global Liquidity Flows
By allowing VATPs to link with global order books, Hong Kong is opening the door to deeper liquidity, tighter spreads, and more efficient trading. Firms that align early may gain a strategic edge.
Tokenisation Taking Practical Shape
Beyond the hype, tokenisation is shifting from concept to deployment: banks and asset managers are exploring tokenised bonds, deposits and fund-flows under regulatory sandbox frameworks. The FinTech Week agenda reflected this transition.
Competitive Positioning in Asia
Hong Kong’s regulatory shifts come in the context of regional competition (e.g., Singapore, Dubai). The city is signalling it wants to be the bridge between mainland China, Southeast Asia and global finance. Legal firms are already busy facilitating this.
Risk & Timing Considerations
Regulators are clearly keen on innovation, but the framework is still evolving. Market participants must navigate regulatory risk, compliance complexity and cross-jurisdiction dynamics carefully.
Evergreen Insights: What to Watch Beyond 2025
Regulation rollout timing — Formal approvals, licences and frameworks for tokenised assets will be key to unlocking real scale.
Infrastructure readiness — Real-world asset platforms, tokenised deposit rails and digital money applications will test whether policy translates into live services.
Institutional adoption — TradFi firms’ embrace of tokenisation and digital-asset custody will accelerate once standards solidify.
Cross-border dynamics — Hong Kong’s role as a connectivity hub between China’s financial system and global capital flows will influence ecosystem design.
Innovation vs. protection — Striking the right balance between opening markets and safeguarding investors remains essential.
Final Word
Hong Kong is pivoting hard into the digital-asset era. The announcements during FinTech Week 2025 reflect structural shifts: global liquidity access, tokenised asset frameworks, and digital-money experimentation.
And yet, this is phase one rather than final form: many regulatory pieces, infrastructural elements and institutional behaviours still need to fall into place.
For fintechs, asset managers and investors alike: this moment is a strategic checkpoint. Aligning early, monitoring regulatory evolution and securing partnerships will likely determine who benefits when the next wave of tokenised finance goes live.
