The SFC’s Circular permits Hong Kong licensed VATP operators to integrate order books with affiliated overseas VATPs, enabling cross-platform order matching via a Shared Order Book

In November 2025, the Stock Exchange of Hong Kong Limited (HKEX) published Issue 13 of its Listing Regulation and Enforcement Newsletter which includes important guidance for companies listed on the HKEX (HKEX Listcos) engaging in digital assets-related activities.

The HKEX addresses a common misunderstanding that delegation absolves directors of their responsibilities. Directors have sometimes argued that where a particular task or responsibility had been delegated and the delegated personnel did not alert them to any issues, there was nothing they could have done to prevent or detect the issuer’s HKEX Listing Rule breach or loss of assets.

On 3 November 2025, Hong Kong’s SFC issued the Circular on Expansion of Products and Services of Virtual Asset Trading Platforms to allow SFC-licensed VATPs to diversify their range of products and services

The SFC’s Circular sets out the minimum custody obligations of SFC-licensed VATPs and gives examples of best practices which, while not compulsory, provide ways of meeting the new minimum obligations.