The Securities and Futures Commission (SFC) in Hong Kong has launched a new framework that allows authorized tokenized funds to be traded around the clock on licensed platforms.
To support this new system, Hong Kong has launched several projects like EnsembleX and EndembleTX to facilitate the use of regulated stablecoins and tokenized deposits
What products can be traded 24/7?
Hong Kong’s Securities and Futures Commission (SFC) has released a new regulatory framework that allows SFC-authorized tokenized products to be bought and sold on secondary markets, including overnight and on weekends.
As of March 2026, 13 tokenized products were already sold to the public in Hong Kong. The total assets under management (AUM) for tokenized shares have grown roughly seven times over the past year, reaching HK$10.7 billion (approximately $1.37 billion USD).
The new rules aim to integrate traditional finance with the Web3 ecosystem. Officials confirmed that the framework will specifically support using regulated stablecoins and tokenized deposits.
“This initiative allows traditional securities products to be traded at night and on weekends after tokenization, and promotes all-weather liquidity through the use of regulated Stablecoins and tokenized deposits.” Liang Fengyi, the CEO of the SFC, said.
The SFC stated that the initial batch of products to trade under this 24/7 regime will focus on these low-risk funds to ensure stable operations. After reviewing how these first products perform, the Commission will consider expanding the range of eligible assets.
The framework explicitly allows secondary market trading on SFC-licensed virtual asset trading platforms. However, the SFC also noted that it will consider permitting off-exchange secondary market trading on a case-by-case basis.
How will Hong Kong support this market?
The Hong Kong Monetary Authority (HKMA) and SFC are building a three-layer digital money infrastructure to support these trades.
To make 24/7 trading work, the city implemented a mandatory licensing regime for fiat-referenced stablecoins as of March this year. These are fully backed reserves that have a minimum HK$25 million capital requirement and are designed for retail payments and transfers.
However, the HKMA has yet to issue any actual licenses as of April 2026, as reported by Cryptopoliitan. The regulator missed its self-imposed March deadline for first approvals.
EnsembleX was launched in November 2025, and the project runs with real money. Major financial institutions, including HSBC (0005.HK), Standard Chartered (2888.HK), and Bank of China (3988.HK), are participants.
HSBC has already completed the first cross-bank transaction, moving HK$3.8 million for Ant International in real time.
EnsembleTX is a platform that settles tokenized deposits between banks, aiming to upgrade to 24/7 tokenized central bank money.
The SFC Executive Director, Yip Chi-hang, confirmed at the Hong Kong Web3 Carnival that this framework is the first globally with predictability for trading tokenized authorized funds. He added that the SFC is also working on a framework for perpetual contracts and margin financing for virtual assets.
