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ARTICLE · 02 MARCH 2026

Hong Kong's New SFC Virtual Asset Platform Rules – How To Stay Compliant?

Hauzen LLP
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Hong Kong's SFC recently introduced two major regulatory updates for virtual asset trading platforms (VATPs). There are (1) a Circular on Shared Liquidity by Virtual Asset Trading Platforms...

Hong KongTechnology
Jay Lee
Jay Lee
Jas Wu
Jas Wu

Hong Kong's SFC recently introduced two major regulatory updates for virtual asset trading platforms (VATPs). There are (1) a Circular on Shared Liquidity by Virtual Asset Trading Platforms, and (2) a Circular on Expansion of Products and Services of Virtual Asset Trading Platforms, both published on 3 November 2025 (the "Circulars"). These new rules could revolutionize how VATPs operate and interact with global markets but also set a higher bar for compliance, risk management, and investor protection.

Start With Your Partners and Platform Structure

If your platform is considering integrating its order book with overseas affiliates (OVATPs) and tap into global liquidity, it will be important to confirm that your partners are properly regulated. The SFC only allows pooling with OVATPs from jurisdictions that:

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