Hong Kong's SFC approves round-the-clock trading of tokenised money market funds

Hong Kong’s Securities and Futures Commission (SFC) has approved secondary trading of tokenised public funds on a licensed virtual asset trading platform (VATP), which it says is a world first. Trading in two existing SFC-authorised tokenised money market funds began on 26 October 2026 and runs around the clock.

What has been approved

The two funds are the ChinaAMC HKD Digital Money Market Fund and the ChinaAMC USD Digital Money Market Fund. Their tokens can now be bought and sold on an SFC-licensed VATP at any hour.

The trading takes place under a pilot framework the SFC set out in a circular on 20 April 2026. It builds on the SFC’s existing rules for exchange-traded funds and for VATPs, and sets requirements on how the trading channel operates, fair pricing, liquidity provision and disclosure.

Elisa Ng, the SFC’s Executive Director of Investment Products, said the launch “adds an important building block – 24/7 trading capability” to Hong Kong’s tokenisation ecosystem.

Where it could lead

The SFC says tokenised funds could later work alongside the tokenised deposits being developed with the Hong Kong Monetary Authority under Project Ensemble. In the regulator’s view, tokenised funds and tokenised money on the same digital rails could make settlement more efficient, letting investors sell on a VATP at any hour and move the proceeds instantly elsewhere.

What it means for traders

For crypto traders using licensed Hong Kong platforms, this is the first time a regulated public fund can be traded alongside virtual assets, at any time of day, under SFC rules on pricing and liquidity. The first products are money market funds only.

What happens next

The SFC says it will monitor trading closely and consider widening the range of products over time, taking into account market developments and the experience gained from the pilot.