SFC approves first secondary trading of tokenised funds on licensed platform
Hong Kong's SFC has greenlit secondary trading of tokenised public funds on a licensed virtual asset trading platform, the first such approval globally. The item covers the regulatory framework behind the launch, the two funds involved, and the SFC's stated plans for expanding product scope.
- The SFC approved secondary trading of two tokenised money market funds, ChinaAMC HKD Digital Money Market Fund and ChinaAMC USD Digital Money Market Fund, on a licensed VATP.
- Secondary trading began on the date of the announcement and operates on a 24/7 basis.
- The SFC issued the Circular on secondary trading of tokenised SFC-authorised investment products on 20 April 2026, setting out requirements on trading channel operation, fair pricing, liquidity provision and disclosure.
- The SFC will monitor trading activity before deciding whether to broaden the product scope beyond money market funds.
- The framework builds on the SFC's existing regulatory regimes for exchange traded funds and virtual asset trading platforms.