Hong Kong SFC Approves First Batch of Tokenized Funds for Secondary Market Trading
nashnova research
Hong Kong's Securities and Futures Commission has approved two tokenized money-market funds for round-the-clock secondary trading on licensed virtual-asset platforms — the world's first publicly offered tokenized funds cleared for secondary markets, marking Hong Kong's tokenization framework moving from blueprint to live operation.
What exactly was approved?
The two products are ChinaAMC's HKD Digital Money Fund and USD Digital Money Fund, both previously authorized by the SFC as tokenized money-market funds.
They can now be bought and sold on SFC-licensed virtual-asset trading platforms (VATPs) in a secondary market, available 24/7.
This means → investors no longer need to subscribe or redeem through the fund house; they can trade these funds on-platform at any hour, much like trading a stock.
How was the regulatory framework built?
In April 2026, the SFC introduced a new regulatory framework layered on top of existing ETF and VATP regimes, specifically piloting secondary trading for tokenized funds.
The framework was issued via a circular covering four key areas: trading-channel operations, fair pricing, liquidity provision, and disclosure.
In plain terms = the regulator wrote the rulebook first — how trades execute, how prices are set, who ensures liquidity, how information is disclosed — and only then let products in.
How does this connect to the HKMA's Ensemble project?
The SFC explicitly noted that tokenized funds can tap into the tokenized-deposit infrastructure developed under the HKMA's Ensemble project.
In plain terms = tokenized funds (the asset side) and tokenized money (the payment side) run on the same digital rail, so settlement and fund flows can happen on-chain without routing through traditional clearing systems.
After selling a tokenized asset, investors can redeploy proceeds immediately to other investments or uses — no waiting period typical of conventional fund redemptions.
What comes next?
The first batch is limited to tokenized money-market funds — the lowest-risk, simplest-structure category, used by the regulator as a proving ground.
The SFC said it will closely monitor trading activity and consider broadening the product scope based on market performance and accumulated experience.
This means → whether tokenized bond funds or even equity funds follow depends on how smoothly this pilot runs — the pace of product expansion is the key metric for judging how mature this framework really is.
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