The Hong Kong Securities and Futures Commission has for the first time approved secondary market trading of a tokenized fund offered to the public.

According to the Hong Kong Securities and Futures Commission (SFC) on October 26, the SFC has approved the world's first batch of tokenized funds offered to the public to be traded on the secondary market on SFC-licensed virtual asset trading platforms (VATPs). Two existing SFC-authorized tokenized money market funds began offering round-the-clock secondary market trading today. Building on the SFC's existing exchange-traded fund and VATP regulatory regimes, the SFC launched a new regulatory framework in April 2026 to pilot secondary market trading of SFC-authorized tokenized funds on SFC-licensed VATPs. In a circular, the SFC set out the relevant requirements and safeguards for secondary market trading of tokenized funds, covering the operation of trading channels, fair pricing, liquidity provision and disclosure, among other aspects.